GoPro holiday quarter revenue, profit misses estimates, shares slide
Wearable device maker GoPro Inc missed quarterly revenue and profit estimates for its all-important holiday quarter, sending shares down 13% in extended trade on Wednesday.
Fourth-quarter revenue, which rose 40% to $528.3 million, fell short of analysts’ average estimate of $565.9 million.
GoPro launched two new cameras including a ramped-up version of its HERO line in October.
The company has been trying to differentiate its premium-priced devices from smartphones with improved cameras through its flagship HERO line, as it looks to lure back action junkies.
Net income rose to $95.8 million, or 65 cents per share, in the quarter ended Dec. 31, from $31.7 million, or 22 cents per share, a year earlier.
Excluding items, the company reported a profit of 70 cents per share, missing analysts’ average estimate of 79 cents.
(Content and photos syndicated via Reuters)