Market Insider

Fitbit shares plunge on latest earnings; Cramer says company 'is done'

Fitbit gets slammed

Shares of Fitbit shed more than 33.5 percent Thursday after the wearable fitness device maker delivered mixed quarterly earnings and weak guidance for the fourth quarter.

CEO James Park said Wednesday the company continues to grow and is profitable, but not at the pace previously expected.

But for CNBC's Jim Cramer, Fitbit's earnings results indicate a CEO who is "not in touch" with how the company is selling products.

On "Squawk on the Street" Thursday, Cramer said Park had refuted that there was potentially softening demand for the fitness product by pointing to sales on Amazon.

"Mr. Park, I think, has lost any credibility and I think that Fitbit is now done," Cramer said. "I think everybody who wants a Fitbit has one."

The company's results come as rivals such as Samsung and Apple continue to threaten Fitbit's market share. Fitbit's stock is down more than 69 percent year to date.

FitBit 5-Day Chart

—CNBC's Antonio José Vielma contributed to this report.