Fitbit Sales Grow from Smartwatches, but Red Ink Still Flows
Net loss narrowed by 2% to $79.5 million from a loss of $80.9 million in the first quarter, as revenue increased 9% to $271.9 million. Management reported device unit sales were up 36%, driven by a 117% gain in smartwatch sales and the introduction of new Inspire and Inspire HR trackers. Average selling price declined 19% to $91 per device with the introduction of lower price devices. The quarter saw the first year-over-year tracker sales grow 17%, reversing a three-year decline, while smartwatch revenue grew to make up 42% of total revenue, up from 30%.
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