GoPro Inc (GPRO) Reverses Losing Trend in Q3

GoPro Inc (NASDAQ:GPRO) unveiled its latest quarterly earnings results late in the day Wednesday.

GoPro Inc (GPRO)
Source: GoPro

After the close of the bell, the handy camera manufacturer posted third-quarter earnings of $15 million, or 10 cents per share. In the year-ago quarter, GoPro lost $104 million, or 74 cents per share.

On an adjusted basis, the company earned 15 cents per share while Wall Street was calling for a consensus estimate of two cents per share. Revenue was also better, rising 37% to $330 million, while also beating analysts’ projection of $313.1 million.

“GoPro has turned a corner, restoring growth and profitability to our business,” said founder and CEO Nick Woodman in a statement. The company had previously posted losses for seven consecutive quarters.

GoPro’s outlook for the current period left something to be desired as it expects adjusted earnings in the range of 37 cents to 47 cents per share, well below the consensus estimate of 56 cents per share.

For the full-year profit, the company sees earnings a two-cent loss per share to a profit of eight cents per share. “We are now focused on driving consumer demand to reach our goal of full-year double-digit revenue growth and non-GAAP profitability,” said Woodman.

The company has been churning out new products, including a drone that will set consumers back $1,000. GoPro also plans to expand its selection of cameras, including the HERO6 camera and Fusion, which is its first spherical camera.

The latter product will be available starting in November.

GPRO shares were sinking 9.7% after the bell Wednesday.

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