Fitbit announced its FY17 Q2 results with revenue of $353 million and a GAAP net loss of $58.2 million. The revenues fell by 40% on a yearly basis while the net income of $6.3 million was converted into a significant loss in the current quarter.
The U.S. revenue contracted 55% to $199 million, EMEA revenue grew 9% to $109 million, APAC revenue grew 46% to $21 million, and Americas excluding U.S. revenue, contracted 11% to $24 million. New products introduced in the last 12 months, Fitbit Charge 2, Fitbit Alta HR, and Fitbit Flex 2 represented 81% of revenue.
The company believes that it is executing according to its execution plan and has increased confident in its FY17 full year results as consumer demand in the second quarter was better than anticipated, enabling Fitbit to reduce channel inventory and generate better sales. The guidance for FY2017 indicates revenue in the range of $1.55 billion to $1.70 billion.
