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Fitbit swings to profit in Q1 but misses estimates

May 6, 2020

Revenue dropped by 31% due to weakness in pricing and devices sold. The company sold 2.2 million devices, down 26% year-over-year, due to the introduction of one new product in the latest quarter compared to three new products last year. The average selling price decreased by 11% year-over-year to $81 per device. See the final numbers here. On a related note, the company just announced the launch of the Fitbit Heart Study, its first large-scale, virtual study to validate the use of its wearable technology to identify episodes of irregular heart rhythm suggestive of atrial fibrillation (AFib), the most common form of heart rhythm irregularity.