NEW YORK (TheStreet) -- Shares of Fitbit (FIT) - Get Report were plummeting 30.60% to $8.89 in after-hours trading on Wednesday after reporting 2016 third-quarter revenue below analysts' expectations and guiding for fourth-quarter and full-year earnings and revenue well below consensus estimates.
After the market close, the San Francisco-based maker of wearables said third-quarter revenue grew 23% year-over-year to $503.8 million, but missed analysts' estimates of $506.9 million.
Adjusted earnings of 19 cents per share met analysts' estimates.
Fitbit anticipates current-quarter adjusted earnings between 14 cents and 18 cents per share on revenue between $725 million and $750 million. Analysts surveyed by FactSet are looking for adjusted earnings of 75 cents per share and $985 million in revenue.
For the full year, Fitbit expects to report adjusted earnings between 55 cents and 59 cents per share on revenue between $2.32 billion and $2.35 billion. The FactSet consensus is for adjusted earnings of $1.18 per share on revenue of $2.58 billion for the year.
Separately, TheStreet Ratings team rates the stock as a "sell" with a ratings score of D+.
Fitbit's weaknesses include its unimpressive growth in net income over time.
You can view the full analysis from the report here: FIT
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.