NEW YORK (TheStreet) -- Shares of Fitbit (FIT) - Get Report were falling by 4.7% to $38.90 in after-hours trading on Monday, despite the wearable device company's strong third quarter financial results.

Fitbit reported earnings of 24 cents a share for the third quarter, above analysts' estimates of 10 cents a share for the quarter. The company reported revenue of $409 million for the third quarter, a 168% increase from the year-ago quarter, and above analysts' estimates of $350.97 million.

The wearable device maker said it sold 4.8 million health and fitness devices in the third quarter.

U.S. sales comprised 66% of revenue in the quarter, with Asia Pacific accounting for 16%, Europe and the Middle East accounting for 1%, and Central and South America accounting for 6% of revenue. Charge, Charge HR, and Surge sales comprised 79% of the company's revenue in the quarter.

"Fitbit's third quarter results demonstrated the continued rapid growth of the Fitbit platform and our team's ability to execute on the tremendous opportunity we see globally, as we help people reach their health and fitness goals," Co-founder and CEO James Park said in a statement.

Looking to the fourth quarter, Fitbit is expecting earnings of 20 cents to 25 cents a share and revenue of $620 million to $650 million. Analysts expect the company to report earnings of 20 cents a share and revenue of $580.72 million for the fourth quarter.

Separately, Fitbit announced it plans to sell 7 million shares in a public offering, with certain shareholders selling 14 million shares. The company said the proceeds from the offering will be used to provide additional working capital, and for general corporate purposes, including "research and development and sales and marketing activities, general and administrative matters, and capital expenditures."

FIT data by YCharts

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