Fitbit Stock Tumbles to New Low on Poor Guidance

Fitbit stock

Fitbit stock is having the worst day in the past three years after Fitbit Inc (NYSE:FIT) trimmed its third-quarter and full-year earnings forecast.

Major Setback

The maker of wearable devices, Fitbit, has been fluctuating for most of the year so far due to disappointing sales, and its poor show in Q2 2019 further piled on the pressure on the company. Despite the fact that the company managed to beat analysts’ estimates, Fitbit reduced its projections for the third quarter. In Q2 2019, the company generated revenues of $314 million as opposed to analysts’ estimates of $312 ...

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