Fitbit reports 168% increase in revenue as Apple watch has 'no material impact'
by Jana Kasperkevic in New York from Technology | The Guardian on (#SCZ8)
The wearable activity tracker's third-quarter earnings report showed growth, but stocks dropped Monday after news of more than 20m new shares in market
Fitbit has announced that months after the company went public in June, its revenue is up 168% year on year, according to its third-quarter earnings report.
Despite the better than expected revenue - rising to $409.3m from $152.9m a year ago - the stock for the company dropped by as much as 9% in early after hours trading on Monday. This was due to the company's announcement that it will be selling additional 7m shares and some of its shareholders will be selling 14m shares. That means more than 20m more shares will flood the market.