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Fitbit 1Q18 results ?2

Fitbit has reported its first quarter results:

Management says that sell-through on Versa

has been the best in our company’s history, positioning us to expand our user base and capture greater share of the fast-growing smartwatch market
Nonetheless, I am inclined to be cautious.  Later comments in the press release seem to limit that statement to North America.  I do think it's good that the company launched Versa with approximately 45% lower development hours than Ionic.  However, if Versa sales are so good, why is the guidance so low?  This quote offers a clue and shows how long the road ahead likely is:

We expect smartwatches to grow as a percentage of revenue, but our overall mix to continue to be skewed towards trackers.
By contrast, I note that Garmin's report this morning showed at least 20% growth in its wearable sales.  I also note that Fitbit stopped reporting active user numbers, although it said

Furthermore, gross margin showed improvement this quarter, but that was largely due to a one-off recovery of funds associated with a bankrupt customer.  They are expected to continue declining for the remainder of the year as smart watches continue to become a greater percentage of sales, and the company competes on price rather than features.  The new collaboration with Google's health care cloud also lacks detail, indicating that it will probably take time to bear real fruit, despite the obvious potential.

I am listening to the conference call now, but will only report again if I hear something surprising.  Questions are always welcome, and a hands on review of the Versa should follow in the weeks to come.