NEW YORK (TheStreet) -- Fitness device maker Fitbit (FIT) reported a 2016 third quarter revenue miss and downbeat outlook last Wednesday. On Thursday, action camera maker GoPro (GPRO) reported weaker-than-expected results for the 2016 third quarter and also gave a disappointing outlook.
When you look at the conference calls for these two companies, they "remind me of Commodore computer," TheStreet's Jim Cramer said on CNBC's "Squawk on the Street" Monday morning. Commodore International was a popular home computer manufacturer in the 1970s and 1980s, but declared bankruptcy in 1994.
Commodore is just one example of "certain trends" we saw in the past, but it stands out because "it had some quarter and that was the end," Cramer said.
"Now GoPro will exist, and Fitbit will exist. But it turns out that they were commodity companies," he added.
Cramer is "struck" by how Fitbit said last month to look at its performance on Amazon.com (AMZN) as a gauge for how it was doing. "That turned out to be a complete false tale. It just didn't hold up under any close scrutiny at all," Cramer said.
If the Amazon.com number was the only figure Fitbit was looking at, then that was a "bad call," he claimed.
"Were they sitting there saying, 'Hey, wow! We're number one on Amazon. Let's keep making the product.' Clearly there had be other data that they were looking at, right?" Cramer asked.
Shares of GoPro were lower in late morning trading on Monday, while shares of Fitbit were higher.