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shares soared as much as 13 percent in after-hours trading on Wednesday after the company beat earnings and revenue expectations for the third quarter.
The fitness tracker manufacturer reported earnings of 4 cents per share, while analysts had expected a loss of one cent per share. The company reported $394 million in revenue compared to the $381 million the Street estimated.
Fitbit also gave guidance for fourth-quarter earnings that exceeded analysts' estimates. The company expects earnings greater than 7 cents per share compared to the 6 cents per share analysts estimated. Fitbit, however, expects revenue to be above $560 million in the fourth quarter, while analysts expected $569 million.
Fitbit is known primarily for its fitness tracker bands, but its smartwatch business is growing. In the third quarter, the company said its smartwatch revenue grew to 49% of total revenue, up from less than 10% a year ago.
In September, the company launched a new platform called Fitbit Care. The service offers personalized coaching to help users stay on track with their fitness plans, lose weight and manage chronic diseases.
Shares of the company closed up 7 percent on Wednesday at $4.73 per share. The stock is down 17 percent this year.