Fitbit shares fell as much as 17% on Thursday after the maker of smart wearables forecast second-quarter revenues lower than analysts expected.
Earnings released Wednesday topped expectations, 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 Apple. But Fitbit stands to benefit from a projected surge in wearable-device shipments over the next few years.