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GoPro Stock Plummets as Q3 Revenue Drops 13%

GoPro stock (NASDAQ:GPRO) is sinking late in the day Thursday as the company reported its latest quarterly earnings results, which were ahead of what analysts were calling for in their consensus estimate, but the company’s revenue fell compared to the year-ago quarter.

GoPro Stock
Source: GoPro

The action camera maker said that for its third quarter of fiscal 2018, it posted net losses of $27.1 million, which amounted to roughly 19 cents per share. The figure was wider than the net income the company raked in during the year-ago quarter of $14.7 million, or 10 cents per share.

When adjusting for restructuring costs and stock-based compensation and other things, GoPro’s losses reached 4 cents per share. Revenue was down to $285.9 million from $329.8 million during the year-ago quarter, marking a 13% decline year-over-year.

Analysts were calling for the company to bring in adjusted losses of roughly 6 cents per share, while revenue is slated to reach $272.3 million, according to data compiled by FactSet. For the fourth quarter of its fiscal year, analysts are calling for GoPro to bring in adjusted earnings of 34 cents per share, while revenue is slated to be around $393 million.

GPRO stock was gaining about 9.3% during regular trading hours as the company geared up to report its latest quarterly earnings results. A strong earnings showing was not enough to prevent the company’s shares from sliding about 7.7% after the bell Thursday on its year-over-year revenue decline.

Article printed from InvestorPlace Media, https://investorplace.com/2018/11/gopro-stock-gpro-2/.

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