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Fitbit Inc’s Q1 profit forecast falls short of estimates, shares plunge

Fitbit said it sold 8.2 million of its colorful wristbands and clippable devices that track calories, sleeping patterns and heart rate in the fourth quarter ended Dec. 31. That represented a 55 percent jump from a year earlier.

Wearable fitness device maker Fitbit Inc forecast current-quarter profit way below Wall Street expectations, as the company invests heavily to market its new products, sending its shares down 15 percent in after-hours trading.

The weak forecast overshadowed bigger-than-expected quarterly revenue and profit, boosted by strong demand within the holiday shopping season.

Fitbit said on Monday it expects adjusted profit of break-even to two cents per share for the quarter ending March, lagging analysts’ expectation of 23 cents, according to Thomson Reuters I/B/E/S.

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