Fitbit Stock Recovers After CFO Departure
Fitbit falls and then recovers after its CFO departs for a startup.
Fitbit falls and then recovers after its CFO departs for a startup.
Fitbit Inc. (FIT) - Get Report was just starting to have a good week. Maybe it can earn it back?
The smartwatch brand's CFO, Bill Zerella, announced his departure on Wednesday, June 6. Zerella has reportedly taken a position with an autonomous driving startup. Shares tanked 3% in morning trading.
Earlier this week, the stock surged after it posted a strong first quarter earnings in May, beating analysts' expectations.
It also announced that it had sold over a million Versa watches, the brand's newest smartwatch and Apple Watch competitor.
However, when the market closed on Wednesday, June 6, Fitbit had jumped up 2.2%, recovering from the loss throughout the day.
