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Fitbit is expected to report second-quarter results after the close Wednesday.
Here is what Wall Street expects:
- Loss per share: 24 cents, forecast by Thomson Reuters.
- Revenue: $285.4 million, forecast by Thomson Reuters.
The stock has been flat in 2018, gaining about 2 percent. In the same period, the Invesco QQQ Trust, which tracks the tech-heavy Nasdaq 100 index, has gained more than 13 percent.
Fitbit shares were recently seen trading around $6 a share, off its 52-week intraday high of $7.79 and well below its all-time high of $51.90.
Analysts projected second-quarter revenue of $285.4 million, or a 20 percent year-over-year sales decline.
Fitbit previously said its second-quarter results to be hit by reduced demand for trackers, which have far fewer features than a smartwatch. Fitbit also has a line of smartwatches, but it makes up a smaller percentage of the company’s revenue stream.
“Apple Watch delivered record June quarter performance with growth in the mid 40 percent range,” Apple CEO Tim Cook said on a call to investors on Tuesday.
However, Fitbit is making moves to stay relevant. In April, the company announced that it would use Google‘s Cloud Healthcare API to integrate a patient’s Fitbit data with electronic medical records. The stock saw a temporary bump on the news.
This is breaking news. Please check back for updates.