Categories Earnings, Technology

Earnings: GoPro shares gain after beating bottom-line estimate by 2 cents

GoPro Inc. (NASDAQ: GPRO) shares gained over 1% in the aftermarket hours on Thursday after the action camera maker reported a narrower loss than what the street had anticipated.

On a GAAP basis, net loss narrowed to $24.3 million, or $0.17 per share, from $76.3 million, or $0.55 per share, in the prior-year period. Adjusted net loss totaled $10.2 million, or $0.07 per share, better than the consensus estimate of $0.09 per share loss.

GOPRO q1 earnings infographic 2019

Total revenue grew 20% to $242.7 million,  narrowly missing the street expectation of $243.5 million. GoPro.com represented over 10% of revenue in the first quarter, growing 90% year-over-year.

CEO Nicholas Woodman said, “We are innovating in all areas of our business and driving disciplined expense and inventory management. We believe this, combined with the release of exciting new products, will drive continued growth and as a result, we are raising revenue and full-year non-GAAP profitability guidance for 2019.”

READ: DROPBOX Q1 REVENUE, INCOME BEAT STREET VIEW

The company said its HERO7 Black was the best selling camera in all of the digital imaging by unit volume, and three HERO7 cameras were the top-three selling action cameras according to the NPD Group.

GoPro’s Plus subscription service surpassed 220,000 active paying subscribers as of May 8, 2019, up more than 50% year-over-year.

GoPro shares have gained 56% in the year-to-date period. In the trailing 52 weeks, the stock is up 17.5%.

 

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