Fitbit Beats Estimates, Wearables Back in Fashion for Investors

Fitbit (FIT) reported its first earnings as a public company on Wednesday after the market close.
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Fitbit (FIT) reported its first earnings as a public company on Wednesday after the market close. The fitness wearables brand posted earnings of $0.21 per share and revenue of $400.4 million, smashing Wall Street estimates of $0.08 per share and $319.5 million. For the first quarter of the year the company has held around 85 percent of the fitness wristband market and sold 4.5 million connected health devices in the second quarter. International revenue was up 250% year over year and the company has also expanded brand partnerships with Kellogg's and fashion designer Tory Burch. Fitbit is now working to break into international markets and the corporate wellness sector. The company's stock was up around 4 percent following the earnings news. Fitbit has plenty of competition snapping at its heals for a share of the wearables market including Jawbone, Garmin, the Apple Watch and new Microsoft (MSFT) offerings. The San Francisco based company sells several different designs of fitness wristband which track the user's physical performance, sleep and heart rate. Fitbit announced expected revenue of $1.6 - $1.7 billion for 2015.

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