UPDATE 1-Fitbit lowers 2019 revenue forecast, shares sink 16% [Reuters]
FITBIT INC (FIT)
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Source: Reuters
Fitbit lowers 2019 revenue forecast, shares sink 16% - Reuters 2 Min Read (Reuters) - Wearable device maker Fitbit Inc ( FIT.N ) forecast third-quarter revenue below analysts’ estimates and lowered its 2019 sales outlook as the company expects weak smartwatch sales and lower average selling price. Shares of the company plunged 16% in extended trading on Wednesday. Fitbit moved into the smartwatch market to cushion the hit from slowing growth of its popular colorful fitness trackers, but has faced tough competition from deeper-pocket companies such as Apple Inc ( AAPL.O ) and Samsung Electronics ( 005930.KS ). For the third quarter, Fitbit forecast revenue between $335 million and $355 million, below the analysts' average estimate of $399.4 million, according to IBES data from Refinitiv. ( reut.rs/2ynoknd ) The company also forecast an adjusted loss of between 9 cents and 11 cents per share. Analysts were expecting a profit of 2 cents per share. Fitbit also lowered its 2019 reven
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