Shares of Fitbit plunged nearly 16 percent in after-hours trading Monday after the company gave a disappointing forecast despite better-than-expected holiday results.
The maker of wearable fitness trackers said fourth-quarter revenue nearly doubled to $712 million from $371 million, fueling net income of $64.2 million, or 26 cents a share.
That was up from $39.2 million, or 19 cents a share, a year earlier.
Still, that growth fell sorely short of Fitbit’s torrid rate of expansion in previous quarters last year.
Fitbit warned it expects first-quarter revenue between $420 million and $440 million, missing Wall Street estimates of $484 million.
Fitbit shares, which took a hit in January when the company unveiled a new smartwatch, were trading at the $14 level in extended trading after closing at $16.52 in the regular session.