Fitbit  (FIT - Get Report) shares were up more than 13% Thursday morning after the company reported a first quarter net loss of 15 cents per share that was three cents better than the loss analysts' were expecting for the quarter. 

The company had forecast a net loss between 18 cents and 20 cents per share in February. 

Revenue for the period dropped 41% year over year to $298.9 million, but was still able to top Wall Street's expectations of $280.8 million. For the current quarter, the company forecast revenue between $330 million and $350 million vs. analyst expectations of $350.1 million.