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Earnings Results: Fitbit stock jumps after wearables pioneer posts first profit in two years

Fitbit Inc. shares soared more than 9% in after-hours trading Wednesday, after the wearables pioneer posted a surprise adjusted profit for its third quarter. It was the first time in two years that Fitbit generated positive adjusted earnings.

The company generated adjusted earnings per share of 4 cents for the quarter on revenue of $393.6 million. Analysts surveyed by FactSet were expecting a per-share loss of 1 cent and revenue of $381.3 million. Revenue increased slightly on a year-over-year basis, following many years of declines.

Fitbit’s FIT, +7.01% earnings surprise reflected progress in the company’s cost-cutting efforts, with operating expenditures down 17% during the quarter.

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