Proactive Investors - Run By Investors For Investors

GoPro shares sink after company reports sharp miss on 3Q revenue

Company expects to become profitable by end of 2018 and be well positioned for 2019
camera lens
GoPro is an American technology company which manufactures action cameras.

GoPro Inc (NASDAQ:GPRO) reported a sharp miss on third quarter revenue while earnings per share (EPS) widened on Thursday, causing shares to tumble sharply in afterhours trade.

The company said revenue for the quarter came in at $286 million, above the consensus of $272.27 million but 13% down on the year-ago level of $329.81 million.

EPS came in at a loss of $0.19, above the consensus of a loss of $0.06 and last year's gain of $0.15.

Shares of the company slumped 7.24% to $6.66, having closed on Thursday 9.28% higher at $7.18.

"We expect to achieve profitability in Q4 and for the second half of 2018 and exit the year with low channel inventory to be well positioned for Q1 2019," said CEO and founder Nicholas Woodman.

Analysts said the company struggled to drive demand for its cheaper cameras under its HERO brand flagship.

GoPro is an American technology company which manufactures action cameras and develops its own mobile apps and video-editing software.

The company is based in San Mateo, California.

Reporting by Rene Pastor, contactable on [email protected]

View full GPRO profile View Profile

GoPro Inc Timeline

Related Articles

May 15 2019
The multi-faceted energy company builds low-emission, clean-energy microturbine technology for consumer and commercial use globally
Light fittings
August 23 2018
The group's traditional LED business is operating in a fiercely competitive environment. The group is pinning its hopes on becoming a software and services business
March 19 2019
ITM Power’s first-half results in January showed the hydrogen energy solutions provider has significantly strengthened its capability to deliver larger industrial scale projects

© Proactive Investors 2019

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use