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

MRI scan
February 22 2019
In February, the firm appointed Dr Tom Oakley, a qualified radiologist and former director of NHS services at telemedicine firm Synergix Health, as the new chief executive of its trading company Feedback Medical
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
May 15 2019
The multi-faceted energy company builds low-emission, clean-energy microturbine technology for consumer and commercial use globally
Copyright ©, 2019. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

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