Fitbit Inc. (FIT) on Wednesday reported a third-quarter loss of $113.4 million, after reporting a profit in the same period a year earlier.

The San Francisco-based company said it had a loss of 48 cents per share. Losses, adjusted for pretax expenses and stock option expense, were 1 cent per share.

The results exceeded Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for a loss of 3 cents per share.

The wearable device maker posted revenue of $392.5 million in the period, which also topped Street forecasts. Six analysts surveyed by Zacks expected $390.9 million.

For the current quarter ending in December, Fitbit expects its results to range from a loss of 3 cents per share to earnings of 1 cent per share.

The company said it expects revenue in the range of $570 million to $600 million for the fiscal fourth quarter.

Fitbit expects full-year results to range from a loss of 27 cents per share to a loss of 23 cents per share, with revenue ranging from $1.62 billion to $1.65 billion.

Fitbit shares have declined 15 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $6.25, a decline of 52 percent in the last 12 months.

--The Associated Press

Published on: Nov 1, 2017