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Earnings Outlook: Fitbit earnings to reveal an abysmal holiday quarter

Fitbit Inc. is expected to swing to a loss when it reports fourth-quarter earnings after the market closes Wednesday, as bleeding holiday sales plunge below the company’s initial forecast.

Last month, Fitbit warned that it only sold 6.5 million devices for the fourth quarter, which would amount to revenue in the range of $572 million to $580 million, compared with the company’s previous guidance range of $725 million to $750 million. It also said at the time that it would miss its earnings guidance, and lowered its non-GAAP earnings-per-share estimate to a range of a 51-cent loss to a 56-cent loss, from a profit of 14 cents to 18 cents previously.

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