Fitbit (NYSE:FIT) are up 4% this morning, after releasing their first quarterly earnings report and beating expectations.

The company, who make wristbands and devices that track heart rate, calories, steps and sleep pattern, went public in June and stocks have risen nearly 160% since then.

Revenue tripled to $400 million, with net income rising to $17.7 million, up from $14.8 million.

Margins fell as more money was ploughed back into more expensive products, with adjusted margins falling to 47%, down from 52% the previous year.

Fitbit sold 4.5 million of their products in the last quarter and adjusted expectations, saying that it expects revenue for the coming quarter to be slightly lower, in the range of $335m to $365m.

 

Miranda Wadham on 06/08/2015