Wearable tech company Fitbit saw shares plummet 30% after the company’s third-quarter earnings were announced. Profits were up but below analyst expectations.

Analysts had pegged profits of $507 million, but the company reported profits at $504 million, marking 23% in revenue growth but still short of expectations.

Fitbit CEO and co-founder James Park said: “I am pleased to see positive reception for our new products launched in the third quarter. We are attracting new customers while our existing ones are upgrading their devices, underscoring the strength of the Fitbit brand and growing relevancy of wearables as part of consumers’ everyday lives. We continue to grow and are profitable, however not at the pace previously expected. We are focused on improving the utility of our products and integrating more deeply into the healthcare ecosystem and believe we can leverage our brand and community to unlock new avenues and adjacencies of growth.”