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James Park, President and CEO of Fitbit Inc.
Fitbit shares plunged into prolonged trading after the maker of portable fitness equipment provided a lower than expected forecast.
Fitbit said that first-quarter sales would increase by 8% over the previous year, reaching between $ 250 and $ 268 million. Analysts were expecting a turnover of $ 272.3 million, according to Refinitiv. The company also announced that its loss, with the exception of certain items, would be between 22 and 24 cents a share, while analysts predicted a loss of 15 cents.
Fitbit has more and more difficulties in the apparel market for Apple as Apple continues to upgrade its Apple Watch and Xiaomi becomes a global player. At Wednesday's close, the stock was 66% lower than its listing price from 2015.
For the fourth quarter, Fitbit reported sales of $ 571.2 million, exceeding the average estimate of $ 569 million, according to Refinitiv.
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