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Stock impact report

Fitbit sales beat Wall Street expectations ahead of Google deal [Business News Network (BNN) Energy & Resources (Canada)]

FITBIT INC (FIT) 
NASDAQ:AMEX Investor Relations: investor.fitbit.com/overview/default.aspx
Fitbit sales beat Wall Street expectations ahead of Google deal Fitbit Inc. reported revenue that beat analysts’ estimates in its first quarterly results since Google announced its planned acquisition of the wearable technology company. Third-quarter sales were US$347 million, the San Francisco-based company said Wednesday in a statement. That was a decline of 12 per cent from the period a year earlier, but ahead of analysts’ projections of US$345.1 million. The shares slipped less than 1 per cent in extended trading after closing at US$7.03 earlier on Wednesday. Earlier this month, Fitbit agreed to be acquired by Alphabet Inc.’s Google in a deal that could help shore up the internet giant’s consumer-hardware business while also increasing antitrust scrutiny. The companies expect the US$2.1 billion transaction to close sometime in 2020. “We continued to make good progress shifting our business toward the faster growing smartwatch category with the introduction of Versa 2, expanding Fi Show less Read more
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