Fitbit, Inc. FIT reported second-quarter 2020 adjusted loss of 12 cents per share, narrower than the Zacks Consensus Estimate of a loss of 21 cents.The company’s total revenues came in at $261.3 million, down 16.7% year over year. However, the figure surpassed the Zacks Consensus Estimate by 28.2%.Let’s check out the numbers in detail.Top-Line DetailsDuring the second quarter, Fitbit sold 2.5 million wearable devices, down 28.6% year over year.The average selling price increased 16% from the prior-year level to $100 per device for the second quarter. This was primarily driven by a higher percentage of sales through the Fitbit.com channel, which grew 102% year over year to $66 million.Geographically, revenues from the United States accounted for 63% of second-quarter revenues and decreased 9% year over year.On a year-over-year basis, international revenues declined 27% to $97 million. Revenues from Americas — excluding the United States — declined 45% to $10 million, and that of APAC and EMEA was down 47% and 17% year over year to $14 million and $72 million, respectively.Fitbit, Inc. Price, Consensus and EPS Surprise Fitbit, Inc. price-consensus-eps-surprise-chart | Fitbit, Inc. QuoteOperating ResultsNon-GAAP gross margin was 37.6%, up 200 basis points year over year. Gross margins were driven by higher average selling price, favorable mix, and a decrease in excess and obsolete inventory write-downs.Non-GAAP operating expenses were 143 million, down 11% from the year-ago quarter. The decrease was due to lower marketing costs and customer service expenses.Non-GAAP operating loss was $42.2 million compared with a loss of $44.9 million in the year-ago quarter.Balance Sheet and Cash FlowCash and cash equivalents & marketable securities were $448.2 million compared with $427.7 million in the first quarter.Accounts receivables were $215.4 million compared with $182.3 million in first-quarter 2020.Cash flow from operations was $32.5 million and free cash flow totaled $27.5 million in the second quarter of 2020.Zacks Rank and Stocks to ConsiderCurrently, Fitbit has a Zacks Rank #3 (Hold). Some better-ranked stocks in the broader technology sector include Benefitfocus BNFT, Cogent Communications Holdings CCOI and Synaptics SYNA, each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.The long-term earnings growth rate for Benefitfocus, Cogent and Synaptics is currently pegged at 30%, 10.6%, and 10%, respectively.Just Released: Zacks’ 7 Best Stocks for TodayExperts extracted 7 stocks from the list of 220 Zacks Rank #1 Strong Buys that has beaten the market more than 2X over with a stunning average gain of +24.3% per year.These 7 were selected because of their superior potential for immediate breakout.See these time-sensitive tickers now >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Synaptics Incorporated (SYNA): Free Stock Analysis Report Fitbit, Inc. (FIT): Free Stock Analysis Report Cogent Communications Holdings, Inc. (CCOI): Free Stock Analysis Report Benefitfocus, Inc. (BNFT): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research