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Tuesday, November 3, 2015

Fitbit (FIT) reported earnings on Mon 2 Nov 2015 (after close)

** charts before earnings **

** charts after earnings **

Fitbit beats by $0.14, beats on revs; guides Q4 above consensus; releases lockup restriction for 2.3 mln shares on November 4  :
  • Reports Q3 (Sep) earnings of $0.24 per share, excluding non-recurring items,$0.14 better than the Capital IQ Consensus of $0.10; revenues rose 167.7% year/year to $409.3 mln vs the $360.17 mln Capital IQ Consensus.
    • Sold 4.8 million connected health and fitness devices
    • U.S. comprised 66% of Q3 revenue; APAC 16%, EMEA 12%, and Other Americas 6%
    • U.S. revenue grew 130% year-over-year; APAC 314%, EMEA 282%, and Other Americas 286%
    • Co issues upside guidance for Q4, sees EPS of $0.20-0.25, excluding non-recurring items, vs. $0.20 Capital IQ Consensus Estimate; sees Q4 revs of $620-650 bln vs. $592.42 mln Capital IQ Consensus Estimate. 
    • Fitbit also announces that Morgan Stanley & Co. LLC, on behalf of the underwriters of Fitbit's initial public offering in June 2015, at the request of Fitbit, has agreed torelease the lock-up restrictions for Fitbit's employees and consultants as of October 31, 2015 with respect to ~2.3 million shares, which represents up to 10% of the shares of Fitbit common stock, options, and restricted stock units held by such employees and consultants. The release will be effective on November 4, 2015.

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