Fitbit is getting destroyed

Fitbit shares fell as much as 11% in after-hours trading after the maker of smart wearables reported first-quarter earnings.

Earnings topped analysts' forecasts, but guidance for the current quarter missed even the lowest forecast.

The company reported adjusted earnings per share (EPS) of $0.10, beating the forecast for $0.02 according to Bloomberg. Revenues totaled $505.4 million, also topping the estimate for $443.3 million.

But guidance for the second quarter was light, at a range of $0.08-$0.11, versus $0.26 expected.

Fitbit said it sold 4.8 million devices during the first quarter. Some analysts had raised questions about the company's ability to compete effectively with rivals like the Apple Watch.

Its guidance for profits this year also beat expectations. It sees full-year adjusted EPS at $1.12-$1.24, up from an earlier projection.

"Based on the first quarter's performance and momentum, we are confident about the remainder of the year, which is reflected in our increased guidance," said CEO James Park.

Fitbit full-year revenues of $2.5 billion to $2.6 billion. Its second-quarter revenue forecast was better than expected, at a range of $565 million to $585 million, versus $531.3 million expected.

Ahead of the earnings release, the shares had dropped to the lowest levels in over a year during regular trading hours. They had fallen 42% since the company's initial public offering in June 2015.