GoPro Inc (GPRO) Revenue Missed Company’s Expectations

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GoPro Inc (NASDAQ:GPRO) didn’t quite close out fiscal 2017 with a bang as the company posted a wider-than expected loss and disappointed on the revenue front.

GoPro Inc (GPRO)
Source: GoPro

The personal camera maker reported its fourth-quarter earnings Thursday, which amounted to an adjusted loss of 30 cents per share, almost triple of the Wall Street consensus estimate of an 11-cent-per-share loss, according to data compiled by Thomson Reuters.

GoPro’s revenue missed the mark as well as the company raked in $334.8 million during its fourth quarter, missing the company’s earlier estimate of $340 million. Analysts polled by Thomson Reuters were projecting revenue of $340.1 million.

Nevertheless, the company had a silver lining in its quarterly earnings release as GoPro said that it has 80% of the action camera market in the U.S., by unit volume. The camera manufacturer also saw its sales rise 28% and 96% year-over-year in China and Japan respectively.

“Our opportunity in 2018 is to marry consumer demand for GoPro with new, higher margin cameras launching in the second half that will appeal to existing and new consumers,” CEO Nick Woodman said in a statement.

Last month, the company announced it would reduce its workforce by at least 250 and leave the drone market in order to focus on its action cameras, the company’s bread and butter. GoPro also said Woodman would reduce his cash compensation to $1 for 2018.

GPRO stock sunk about 4.4% after Thursday’s market close.


Article printed from InvestorPlace Media, https://investorplace.com/2018/02/gopro-inc-gpro-4/.

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