Fitbit CEO James Park has revealed, during the company's first-quarter earnings call, that a line of "exciting new products" will launch before the end of the year.
Unsurprisingly, Park didn't mention any product names, although we do know that Fitbit recently applied for trademarks for the Fitbit Flex 2 and the Fitbit Charge 2.
The main reason for the earnings call was to talk numbers of course, and the numbers for the first quarter of 2016 were pretty good. Fitbit announced that it recorded $505.4 million in revenue during that period.
An impressive 4.8 million devices were sold with the Fitbit Blaze and the Fitbit Alta responsible for 47% of the quarter's revenue. What's more interesting is that approximately 40% of Fitbit Blaze and Alta users were upgrading from older Fitbit devices – so the company clearly has some loyal users.
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Approximately 20% of those new buyers who re-activated their Fitbit accounts, were returning after being inactive for 90 days or more. Apparently the vast majority of Blaze and Alta buyers bought up from a less expensive Fitbit device, so that means upgrading from a One, Ultra, Zip, Flex or the Charge. Less than 10% downgraded.
Wall Street, however, had a very different reaction to the earnings call with Fitbit's stock dropping by 11%. It appears to be a reaction to Fitbit's outlook for its second quarter, where the company expects revenue in the range of $565 to $585 million.
Nice work Fitbit.