Fitbit shares fell as much as 30% in after-hours trading Wednesday after the company reported third-quarter earnings results and cut its full-year forecast.
The maker of fitness trackers said it now sees adjusted earnings per share in a range of $0.14-$0.18, far below analysts' forecast for $0.75 according to Bloomberg.
For the third quarter, its EPS was $0.19, matching analysts' estimates. Revenue fell below expectations, at $503.8 million ($508.7 million forecast.)
"We continue to grow and are profitable, however not at the pace previously expected," said CEO James Park in the earnings statement.