Stock Market

GoPro stock falls after revenue comes up short

Shares of GoPro Inc. were down 7% in premarket trading Friday after the maker of action cameras posted weaker-than-expected revenue for the holiday quarter.

GoPro
GPRO,
-1.24%

reported fourth-quarter revenue of $358 million late Thursday, down from $528 million a year earlier and below the $374 million that analysts surveyed by FactSet had been expecting. The company generated $116 million in revenue from its website, which it said was a record figure.

The company recorded net income of $44 million, or 28 cents a share, up down from $96 million, or 65 cents a share in the year-prior period. On an adjusted basis, GoPro earned 39 cents a share, down from 70 cents a share in the year-earlier quarter but just ahead of the 38 cents a share that analysts had been expecting.

“GoPro’s shift to a more subscription-centric consumer-direct model is resulting in a simpler, more profitable business with materially better cash generation,” Chief Executive Nick Woodman said in the earnings release. “The steps we’ve taken to improve our business during the pandemic should serve us very well when the world begins to recover in earnest — but as a business, fortunately we don’t have to wait for that to happen.”

The company capped off the year with 761,000 subscribers, up 52% sequentially and 145% on a year-over-year basis. Cameras priced above $300 made up 91% of GoPro’s revenue in the latest quarter.

Related News  How to claim bad-debt loss deductions that will stand up to IRS scrutiny

GoPro shares have gained 67% over the past three months as the S&P 500
SPX,
+1.09%

has risen 12%.

For more updates check below links and stay updated with News AKMI.
Life and Style || Lifetime Fitness || Automotive News || Tech News || Giant Bikes || Cool Cars || Food and Drinks

Source

Tags
Show More

Related Articles

Back to top button

usa news wall today prime news newso time news post wall

Close