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GoPro (GPRO - Free Report) recently announced an additional $40 million share buyback plan, taking the total authorization to $100 million as of Feb 9.
GoPro noted that the increase in share buyback authorization was driven by sound business and cash management activity in past few years. This has resulted in profitability, thereby aiding GoPro to successfully enhance investments in the business and boost return to shareholders. The company will be funding buybacks through cash generated from operations.
The company so far has purchased $5 million worth of shares in 2023. In 2022, the company had repurchased shares worth $40 million. The buyback authorization has no expiry and may be modified, suspended or discontinued at any time, noted GoPro.
Headquartered in San Mateo, CA, GoPro is one of the leading manufacturers of the world's most handy camera and enabler of some of today's most immersive and engaging content.
The company recently reported fourth-quarter 2022 results wherein non-GAAP earnings of 12 cents per share topped the Zacks Consensus Estimate of 9 cents. The company had reported earnings of 41 cents in the year-ago quarter.
GoPro generated revenues of $321 million, down 18% from the year-ago quarter’s levels. However, revenues beat the Zacks Consensus Estimate by 0.8%.
Based on channels, revenues from GoPro.com were $128 million (40% of total revenues), remaining flat year over year. In the GoPro.com channel, hardware revenues totaled $106 million compared with $110.7 million in the prior-year quarter. Subscription revenues came in at $22.2 million, up 29.8% year over year.
Revenues from the Retail channel came in at $192.8 million (60% of total revenues), down 26.8% from the year-ago quarter’s levels.
GoPro shipped 850 million camera units during the reported quarter, down 17.7% year over year. The company recorded 2.25 million subscribers, marking 43% year-over-year growth at the close of the reported quarter.
For the quarter under review, GoPro generated $25.5 million of net cash from operating activities against $163.8 million reported in the year-ago period. As of Dec 31, 2022, the company had $223.7 million in cash and cash equivalents with $141 million in long-term debt.
For the first quarter of 2023, revenues are estimated to be $165 million (+/- $5 million). Non-GAAP adjusted loss is expected to be 17 cents per share (+/- 2 cents).
The Zacks Consensus Estimate for Arista Networks’ 2023 earnings is pegged at $5.23 per share, up 0.8% in the past 60 days. The long-term earnings growth rate is anticipated to be 14.2%.
Arista Networks’ earnings beat the Zacks Consensus Estimate in the last four quarters, the average being 14.2%. Shares of ANET have gained 9.5% in the past year.
The Zacks Consensus Estimate for Jabil’s 2023 earnings is pegged at $8.37 per share, rising 2.3% in the past 60 days. The long-term earnings growth rate is anticipated to be 12%.
Jabil’s earnings beat the Zacks Consensus Estimate in all the last four quarters, the average being 8.8%. Shares of JBL have increased 41% in the past year.
The Zacks Consensus Estimate for Bandwidth 2023 earnings is pegged at 63 cents per share, up 1 cent in the past 60 days. The long-term earnings growth rate is anticipated to be 25%.
BAND's earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, the average surprise being 301.8%. Shares of the company have declined 51.8% in the past year.
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GoPro (GPRO) Announces Additional $40M Buyback Authorization
GoPro (GPRO - Free Report) recently announced an additional $40 million share buyback plan, taking the total authorization to $100 million as of Feb 9.
GoPro noted that the increase in share buyback authorization was driven by sound business and cash management activity in past few years. This has resulted in profitability, thereby aiding GoPro to successfully enhance investments in the business and boost return to shareholders. The company will be funding buybacks through cash generated from operations.
The company so far has purchased $5 million worth of shares in 2023. In 2022, the company had repurchased shares worth $40 million. The buyback authorization has no expiry and may be modified, suspended or discontinued at any time, noted GoPro.
Headquartered in San Mateo, CA, GoPro is one of the leading manufacturers of the world's most handy camera and enabler of some of today's most immersive and engaging content.
The company recently reported fourth-quarter 2022 results wherein non-GAAP earnings of 12 cents per share topped the Zacks Consensus Estimate of 9 cents. The company had reported earnings of 41 cents in the year-ago quarter.
GoPro, Inc. Price and Consensus
GoPro, Inc. price-consensus-chart | GoPro, Inc. Quote
GoPro generated revenues of $321 million, down 18% from the year-ago quarter’s levels. However, revenues beat the Zacks Consensus Estimate by 0.8%.
Based on channels, revenues from GoPro.com were $128 million (40% of total revenues), remaining flat year over year. In the GoPro.com channel, hardware revenues totaled $106 million compared with $110.7 million in the prior-year quarter. Subscription revenues came in at $22.2 million, up 29.8% year over year.
Revenues from the Retail channel came in at $192.8 million (60% of total revenues), down 26.8% from the year-ago quarter’s levels.
GoPro shipped 850 million camera units during the reported quarter, down 17.7% year over year. The company recorded 2.25 million subscribers, marking 43% year-over-year growth at the close of the reported quarter.
For the quarter under review, GoPro generated $25.5 million of net cash from operating activities against $163.8 million reported in the year-ago period.
As of Dec 31, 2022, the company had $223.7 million in cash and cash equivalents with $141 million in long-term debt.
For the first quarter of 2023, revenues are estimated to be $165 million (+/- $5 million). Non-GAAP adjusted loss is expected to be 17 cents per share (+/- 2 cents).
Zacks Rank & Stocks to Consider
GoPro currently carries a Zacks Rank #3 (Hold).
Investors interested in the broader technology space may also consider stocks like Arista Networks (ANET - Free Report) , Jabil (JBL - Free Report) and Bandwidth (BAND - Free Report) . All stocks carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Zacks Consensus Estimate for Arista Networks’ 2023 earnings is pegged at $5.23 per share, up 0.8% in the past 60 days. The long-term earnings growth rate is anticipated to be 14.2%.
Arista Networks’ earnings beat the Zacks Consensus Estimate in the last four quarters, the average being 14.2%. Shares of ANET have gained 9.5% in the past year.
The Zacks Consensus Estimate for Jabil’s 2023 earnings is pegged at $8.37 per share, rising 2.3% in the past 60 days. The long-term earnings growth rate is anticipated to be 12%.
Jabil’s earnings beat the Zacks Consensus Estimate in all the last four quarters, the average being 8.8%. Shares of JBL have increased 41% in the past year.
The Zacks Consensus Estimate for Bandwidth 2023 earnings is pegged at 63 cents per share, up 1 cent in the past 60 days. The long-term earnings growth rate is anticipated to be 25%.
BAND's earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, the average surprise being 301.8%. Shares of the company have declined 51.8% in the past year.