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GoPro's (GPRO) Q4 Earnings and Revenues Surpass Estimates
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GoPro, Inc (GPRO - Free Report) reported non-GAAP earnings of 12 cents per share for fourth-quarter 2022, beating 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 consensus mark by 0.8%.
GoPro shipped 850 million camera units during the reported quarter, down 17.7% year over year.
GoPro recorded 2.25 million subscribers, marking 43% year-over-year growth at the close of the reported quarter. Quik subscribers soared 26% to 279,000 from the prior-year quarter.
Region-wise, revenues from the Americas came in at $152.9 million (47.6% of total revenues), down 21% from the year-ago quarter’s levels. Revenues from Europe, the Middle East and Africa were $82.7 million (25.8%), down 24% year over year. The Asia Pacific generated revenues of $85.4 million (26.6%), down 4% year over year.
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%), down 26.8% from the year-ago quarter’s levels.
The company had $127.1 million in inventory compared with $86.4 million in the year-ago quarter.
Other Details
Gross profit was $104.3 million, down 35.2% year over year. Total operating expenses were $102.6 million, up 0.1% year over year. Operating income came in at $1.7 million, down 97.1% year over year.
Non-GAAP gross margin contracted 620 basis points to 35.1%. Adjusted EBITDA was $22 million, down 69.2% from the year-ago period.
Cameras with suggested retail prices at or above $400 contributed 90% to revenues in the reported quarter.
Cash Flow & Liquidity
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.
The company repurchased $8 million worth of shares.
Guidance
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).
For the first quarter, gross margins are expected to be 36% (+/- 50 basis points). Street ASP is projected to be nearly $400.
The Zacks Consensus Estimate for Arista Networks 2022 earnings is pegged at $4.38 per share, rising 0.2 in the past 60 days. The long-term earnings growth rate is anticipated to be 17.5%.
Arista Networks’ earnings beat the Zacks Consensus Estimate in the last four quarters, the average being 12.7%. Shares of ANET have increased 1.4% 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 26.4% in the past year.
The Zacks Consensus Estimate for Super Micro Computer’s fiscal 2023 earnings is pegged at $9.54 per share, up by 4.1% in the past 60 days.
Super Micro Computer’s earnings beat the Zacks Consensus Estimate in all the last four quarters, the average being 7.8%. Shares of SMCI have been up 70.7% in the past year.
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GoPro's (GPRO) Q4 Earnings and Revenues Surpass Estimates
GoPro, Inc (GPRO - Free Report) reported non-GAAP earnings of 12 cents per share for fourth-quarter 2022, beating 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 consensus mark by 0.8%.
GoPro, Inc. Price, Consensus and EPS Surprise
GoPro, Inc. price-consensus-eps-surprise-chart | GoPro, Inc. Quote
Quarter in details
GoPro shipped 850 million camera units during the reported quarter, down 17.7% year over year.
GoPro recorded 2.25 million subscribers, marking 43% year-over-year growth at the close of the reported quarter. Quik subscribers soared 26% to 279,000 from the prior-year quarter.
Region-wise, revenues from the Americas came in at $152.9 million (47.6% of total revenues), down 21% from the year-ago quarter’s levels. Revenues from Europe, the Middle East and Africa were $82.7 million (25.8%), down 24% year over year. The Asia Pacific generated revenues of $85.4 million (26.6%), down 4% year over year.
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%), down 26.8% from the year-ago quarter’s levels.
The company had $127.1 million in inventory compared with $86.4 million in the year-ago quarter.
Other Details
Gross profit was $104.3 million, down 35.2% year over year. Total operating expenses were $102.6 million, up 0.1% year over year. Operating income came in at $1.7 million, down 97.1% year over year.
Non-GAAP gross margin contracted 620 basis points to 35.1%. Adjusted EBITDA was $22 million, down 69.2% from the year-ago period.
Cameras with suggested retail prices at or above $400 contributed 90% to revenues in the reported quarter.
Cash Flow & Liquidity
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.
The company repurchased $8 million worth of shares.
Guidance
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).
For the first quarter, gross margins are expected to be 36% (+/- 50 basis points). Street ASP is projected to be nearly $400.
Zacks Rank & Stocks to Consider
GoPro currently has a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader technology space are Arista Networks (ANET - Free Report) , Jabil (JBL - Free Report) and Super Micro Computer (SMCI - Free Report) . Jabil sports a Zacks Rank #1 (Strong Buy), while Arista Networks and Super Micro Computer carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Arista Networks 2022 earnings is pegged at $4.38 per share, rising 0.2 in the past 60 days. The long-term earnings growth rate is anticipated to be 17.5%.
Arista Networks’ earnings beat the Zacks Consensus Estimate in the last four quarters, the average being 12.7%. Shares of ANET have increased 1.4% 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 26.4% in the past year.
The Zacks Consensus Estimate for Super Micro Computer’s fiscal 2023 earnings is pegged at $9.54 per share, up by 4.1% in the past 60 days.
Super Micro Computer’s earnings beat the Zacks Consensus Estimate in all the last four quarters, the average being 7.8%. Shares of SMCI have been up 70.7% in the past year.