Fitbit Inc. announced its financial results for the first quarter ended March 31, 2018. Revenue for Q1 2018 was $247.9 million, a decrease of 17%, compared to $298.9 million in Q1 2107. Net loss for Q1 2018 was $80.9 million, an increase of 34.6%, compared to the net loss of $60.1 million in Q1 2017.
Fitbit sold 2.2 million wearable devices in first quarter and impacted the average selling price positively to $112 per device, an increase of 16% year over year but tracker device sales declined due to a reduction in retail channel tracker inventory.
Looking forward to second quarter and full year 2018 guidance, company expect smartwatches will make a positive impact on revenue generation, but its overall mix to continue to be skewed towards trackers. So the company expects approximately 19% decline in revenue on year-over-year basis which would be in a range of $275 million to $295 million. Full year revenues should approximately be $1.5 billion.
