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Fitbit and GoPro look to turn around misfortunes

This year has been nothing short of a disaster for technology stocks. With fourth-quarter earnings falling flat and current-quarter results leaving much to be desired, the remaining tech companies to report this season have little to fall back on. This has fared far worse for recent tech IPOs, which have time and time again failed to live up to investor's lofty expectations. This week, two high-profile unicorns of 2015, Fitbit and GoPro, look to turn around their misfortunes.

Both Fitbit and GoPro garnered headlines for bringing in a new wave of innovation, but betting big on millennials with active lifestyles has been bad for investors thus far. Lately, shares of the fitness tracker and action-camera makers have come under fire. Since IPOing, shares of Fitbit have fallen 42 percent while GoPro has plunged 68 percent. The stocks continue to tank as each company repeatedly reports weak guidance. Unfortunately, ahead of earnings this week analysts are feverishly revising estimates downward for these two names.

Kicking things off, Fitbit is scheduled to report first-quarter earnings tomorrow, after the market closes. Analysts are expecting earnings per share of 7 cents on $451.45 million in revenue, according to the Estimize consensus data. Since its last report, EPS estimates have been cut 76 percent and now project a 71 percent decline on a...


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