The company lowered its guidance for the year after the Versa Lite, a cheaper version of its smartwatch, didn't sell as well as hoped.
released second-quarter earnings Wednesday that showed weak sales of its Versa Lite smartwatch.
Shares of the company plummeted as much as 23% Thursday after the company lowered its guidance for the next quarter despite beating analyst expectations of earnings per share and revenue. "With weaker Versa Lite sales, we are lowering the midpoint of our 2019 revenue guidance by $95 million to $1.455 billion from $1.550 billion and now expect full year 2019 revenue to be $1.43 billion to $1.48 billion," said the company in itsCEO and co-founder James Park said in a press release that the company was disappointed in the lower guidance for the year, but"remain confident in our long-term transformation strategy.
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