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November 3, 2015

Fitbit plans stock sale as Q3 revenue surges 168%

News: Fitness wearable device maker run rate rockets across the globe.

By CBR Staff Writer

Wearable fitness device maker Fitbit reported a 168% increase in Q3 revenue to $409.3m, compared to $152.9m in 2014’s third quarter.

Profit didn’t keep pace dropping to $45.8m, or $0.19 per share, from $68.9m, or $0.34 per share, from last year.

Revenue from the US increased 130% year-over-year, while revenue from APAC and EMEA grew 314% and 282% respectively.

The company sold 4.8 million connected health and fitness devices in Q3, compared to 2.3 million devices in the year-ago period.

The fourth-quarter revenue is expected to be in the range of $620m to $650m, and the full-year revenues $1.77bn to $1.80bn.

Fitbit co-founder and CEO James Park said: "Fitbit’s third quarter results demonstrated the continued rapid growth of the Fitbit platform and our team’s ability to execute on the tremendous opportunity we see globally, as we help people reach their health and fitness goals."

The company is planning to file registration statement with the US Securities and Exchange Commission for proposed follow-on offering.

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Fitbit is planning to sell 7,000,000 shares and various selling stockholders are proposing to sell 14,000,000 shares.

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