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GoPro News: Why GPRO Stock Is Tanking Today

GPRO reported a delay for its HERO8 Black camera

GoPro (NASDAQ:GPRO) news for Thursday concerning delays for one of the company’s new products is hitting GPRO stock hard.

GoPro News: Why GPRO Stock Is Tanking Today
Source: Larry George II / Shutterstock.com

According to a GoPro news release, the company is seeing a shift in production due to a delay for its HERO8 Black camera. As a result, GPRO notes that shipments for this device will take place in the fourth quarter of 2019. It was previously planned to come out during the third quarter of the year.

Due to the change in release for the HERO8 Black camera, the company is also updating its outlook for the second half of the year. As a result, this also has it changing its guidance for the full year of 2019 as well.

This GoPro news now has the company expecting non-GAAP earnings per share ranging from 30 cents to 35 cents in 2019. Unfortunately for GPRO stock, The high end of this outlook is below Wall Street’s EPS estimate of 39 cents for the year.

Another update to GoPro’s 2019 outlook has revenue coming in between $1.215 and $1.25 billion. Just like with the earnings per share outlook, this revenue guidance can’t match up to analysts estimates. They are expecting GPRO to report revenue of $1.26 billion for the full year of 2019.

GoPro says that it is planning to reveal more details about this change in its next earnings report. The company will report earnings for the third quarter of 2019 some time in November.

GPRO stock was down 19.59% as of Thursday afternoon.

As of this writing, William White did not hold a position in any of the aforementioned securities.

Article printed from InvestorPlace Media, https://investorplace.com/2019/10/gopro-news-drops-gpro-stock/.

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