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GoPro's holiday-quarter outlook misses estimates, shares fall
November 1, 2017 / 8:17 PM / 20 days ago

GoPro's holiday-quarter outlook misses estimates, shares fall

(Reuters) - Action camera-maker GoPro Inc (GPRO.O) forecast a weak holiday quarter on Wednesday, sending its shares down nearly 12 percent to $9.40 (7.09 pounds)in extended trading.

FILE PHOTO: A GoPro camera is seen on a skier's helmet as he rides down the slopes in the ski resort of Meribel, French Alps, January 7, 2014. REUTERS/Emmanuel Foudrot/File Photo

The company said it expected fourth quarter revenue of $470 million, plus or minus $10 million. Analysts on average expected $521.2 million, according to Thomson Reuters I/B/E/S.

Excluding items, the company expected fourth quarter earnings between 37 cents and 47 cents per share, while analysts had forecast a profit of 57 cents per share.

While GoPro launched its Hero 6 camera, the bleak holiday-quarter outlook could bring to fore the production issues with Hero 5 camera that had hurt sales earlier.

The company reported a better-than-expected quarterly profit on Wednesday, boosted by increasing demand for its cameras and drones.

Excluding items, the company earned 15 cents per share, blowing past the analysts’ estimate of 2 cents, according to Thomson Reuters I/B/E/S.

The company reported a net income of $14.7 million, or 10 cents per share, in the third quarter ended Sept. 30, compared with a loss of $104.1 million, or 74 cents per share, a year earlier.

GoPro — whose cameras are worn by surfers, skydivers and other action junkies — said revenue rose to $329.8 million from $240.6 million. Analysts expected $313.8 million.

Reporting by Pushkala Aripaka and Supantha Mukherjee in Bengaluru; Editing by Arun Koyyur

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