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GoPro posts first-quarter loss but beats sales expectations

Published May 5, 2016

SAN MATEO, Calif. (BRAIN) — GoPro posted its second consecutive quarterly loss Thursday, but its share price rose in after-hours trading as the action camera maker's revenue for the first quarter exceeded analyst expectations.

GoPro reported revenue of $183.5 million, down 49.5 percent from $363.1 million a year earlier. Its net loss totaled $107.5 million, or 78 cents per share, compared with a profit of $16.8 million, or 11 cents per share, a year earlier.

"Consumer demand for GoPro remains solid," company founder and CEO Nick Woodman said in a statement Thursday. "Unit sell-through was close to first-quarter 2015 levels, a quarter which benefited from the launch of Hero4. Revenue exceeded our guide and, importantly, unit sell-through rates were approximately 50 percent higher than sell-in, which drove global inventory levels down. And while we had to make the difficult decision to delay our drone, Karma, the upside is that Karma's launch should now benefit from the holidays."

In February, GoPro posted its first quarterly loss since going public, losing $11.4 million in the fourth quarter of 2015.

The company has a conference call scheduled Thursday afternoon to review its first-quarter earnings.

GoPro's stock is traded on the Nasdaq exchange under the GPRO symbol. Its stock performance is tracked on BRAIN's stock page.

 

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