Shares of Fitbit plunged more than 29 percent in intraday trade Thursday after the wearable fitness device maker delivered mixed quarterly earnings and weak guidance for the fourth quarter.
CEO James Park said Wednesday the company continues to grow and is profitable, but not at the pace previously expected. Fitbit shares plummeted 30 percent in extended trading Wednesday after the announcement.
But for CNBC’s Jim Cramer, FitBit’s earnings results indicate a CEO who is “not in touch” with how the company is selling products.
“Mr. Park, I think, has lost any credibility and I think that Fitbit is now done,” Cramer said. “I think everybody who wants a Fitbit has one.”
—CNBC’s Antonio José Vielma contributed to this report.