Fitbit, Inc. (NYSE: FIT) reported its most recent quarterly results after markets closed Monday. The company said that it had a net loss of $0.02 per share on $571 million in revenue, compared with consensus estimates from Thomson Reuters that called for breakeven earnings on $588.89 million in revenue. The fourth quarter from last year had a net loss of $0.56 per share on $573.77 million in revenue.

During this quarter, the company sold 5.4 million devices. Also new products introduced in the past year represented 36% of revenue. The average selling price was up 20% year over year to $102.

In terms of its segment revenue, the firm reported that Asia Pacific grew 56% to $39 million, Other America’s revenue grew 40% to $47 million, Europe Middle East Asia revenue grew 16% to $155 million, and U.S. revenue decreased 13% to $330 million. International revenue was $241 million, representing 42% of revenue.

As for first quarter guidance, the company expects to see a net loss per share in the range of $0.21 to $0.18 and revenues in the range of $240 million to $255 million. There are consensus estimates calling for a net loss of $0.09 per share on $340.34 million in revenue for the coming quarter.

James Park, co-founder and CEO, commented:

We made important progress in 2017 under rapidly changing market conditions. We delivered on our full year guidance and drove down operating expenses while continuing to invest in innovation. We delivered important foundational assets with the launch of the Fitbit operating system and [software developer’s kit], allowing us to scale future smartwatches quickly and deliver dynamic experiences for users. We also made progress in integrating into the healthcare system, with strategic collaborations with United Healthcare and Dexcom, and acceptance into the FDA’s digital health pre-certification program. In 2018 we’ll focus on managing down expenses, continuing to expand in the smartwatch category and supporting our engaged global community on their health and fitness journeys.

Shares of Fitbit closed Monday at $5.56, with a consensus analyst price target of $6.55 and a 52-week range of $4.90 to $7.32. Following the announcement, the stock was initially down 12% at $4.86 in the after-hours trading session.

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