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GoPro Q3 Earnings In-Depth: Unit Sales Well Below Estimates
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Action camera maker GoPro (GPRO - Free Report) just released its third-quarter earnings results, and the struggling company desperately needed some positive news after three straight quarters of year-over-year revenue declines.
This was an important quarter for GoPro, as it released its first significant update to its flagship line of cameras in two years. The Hero5 Black and the smaller, cube-shape Hero5 Session both debuted recently, and both boasted several new features. The Hero5 also launched at $100 less than the Hero4 was priced at launch.
GoPro also launched its first drone, the Karma. The launch of the Karma was seen as a huge moment in the drone business, as it represents the first consumer-level drone from an established company with an existing fan base.
In the second quarter, GoPro said that it shipped 759,000 units. According to today’s report, GoPro shipped 1.02 million products in the third quarter, up 34% from Q2. However, analysts were expecting the company to ship about 1.11 million units.
GoPro’s report was also extremely disappointing on the top and bottom lines. The company posted a loss of 70 cents per share (excludes four cents from non-recurring items), missing our Zacks Consensus Estimate of -$0.54, and saw revenue figures of $240.57 million, falling well behind our estimate of $303 million.
The stock was briefly halted in after-hours trading, but it would later plummet more than 22% after re-opening. For more coverage on GoPro’s earnings report, read our full story: GoPro Stock Tanks on Q3 Earnings and Revenue Misses.
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GoPro Q3 Earnings In-Depth: Unit Sales Well Below Estimates
Action camera maker GoPro (GPRO - Free Report) just released its third-quarter earnings results, and the struggling company desperately needed some positive news after three straight quarters of year-over-year revenue declines.
This was an important quarter for GoPro, as it released its first significant update to its flagship line of cameras in two years. The Hero5 Black and the smaller, cube-shape Hero5 Session both debuted recently, and both boasted several new features. The Hero5 also launched at $100 less than the Hero4 was priced at launch.
GoPro also launched its first drone, the Karma. The launch of the Karma was seen as a huge moment in the drone business, as it represents the first consumer-level drone from an established company with an existing fan base.
In the second quarter, GoPro said that it shipped 759,000 units. According to today’s report, GoPro shipped 1.02 million products in the third quarter, up 34% from Q2. However, analysts were expecting the company to ship about 1.11 million units.
GoPro’s report was also extremely disappointing on the top and bottom lines. The company posted a loss of 70 cents per share (excludes four cents from non-recurring items), missing our Zacks Consensus Estimate of -$0.54, and saw revenue figures of $240.57 million, falling well behind our estimate of $303 million.
The stock was briefly halted in after-hours trading, but it would later plummet more than 22% after re-opening. For more coverage on GoPro’s earnings report, read our full story: GoPro Stock Tanks on Q3 Earnings and Revenue Misses.
Stocks that Aren't in the News. Yet.
You are invited to download the full, up-to-the-minute list of 220 Zacks Rank #1 "Strong Buys" free of charge. Many of these companies are almost unheard of by the general public and just starting to get noticed by Wall Street. They have been pinpointed by the Zacks system that nearly tripled the market from 1988 through 2015 with a stellar average gain of +26% per year. See these high-potential stocks free >>