INSUBCONTINENT EXCLUSIVE:
Fitbit stock price jumped in after-hours trading and is currently trading around $6.00 a share, off its 52-week intraday high of $7.79.
The
company today announced its latest quarterly numbers, which saw the average selling price of its wearables increase 6 percent year-over-year
New devices introduced within the last year represented 59 percent of the company revenue.
Smartwatches were a high-point for Fitbit this
The company stated that its higher-priced smartwatch wearables outsold Samsung, Garmin and Fossil smartwatches combined in North America
Smartwatch revenue grew to 55 percent of revenue, up from 30 percent on a sequential basis.
Our performance in Q2 represents the sixth
consecutive quarter that we have delivered on our financial commitments, made important progress in transforming our business, and continued
to adapt to the changing wearables market
Demand for Versa, our first ‘mass-appeal& smartwatch, is very strong
Within the second quarter, Versa outsold Samsung, Garmin and Fossil smartwatches combined in North America, improving our position with
retailers, solidifying shelf space for the Fitbit brand and providing a halo effect to our other product offerings,& said James Park,
co-founder and CEO.
Fitbit stock price rallied earlier this summer, hitting 7.79 — its highest selling price since early 2017
The stock has been slipping since, though this quarterly release could cause the price to jump again.
