GoPro stock is currently down 15% in after-hours trading and is falling after reporting its third quarter earnings. The company saw revenues dive 13%.3, while still managing to beat Wall Street revenue expectations.
Overall GoPro reported a net loss of $27.1 million, or 19 cents per share, in the quarter that ended on Sept. 30. Is compared with a profit of $14.7 million, or 10 cents per share, from the previous year. Likewise, GoPro saw revenue fell to $285.9 million from $329.8 million, down 13% year-over-year and up 1% sequentially. Cash and investments totaled $148 million at the end of Q3 2018.
Earlier in the day, the company’s stock was up 9.3% on the day. It was rebounding nicely after ending last week down but all the gains could be lost if it opens tomorrow at today’s after-hours level.
The third quarter noted some successes though. The new Hero7 Black saw the company’s best first-month sales of any unit today. Likewise, GoPro’s spherical camera, the Fusion, holds 47% dollar share of its niche market. The company’s products are gaining popularity in oversea markets, too. In Europe, Japan and Korea, the company increased its unit and dollar marketshare substantially. In the US, GoPro still holds a massive chunk of the dollar and unit share of, 96% and 87%, respectively. And for the 19th straight quarter, GoPro is the number one selling camera by unit volume in North America.
The company is also still growing its social channels, reaching a 21-month high in September.
GoPro recently revamped its camera line up in time for the holiday quarter. Yet GoPro is still struggling, at least seemingly, at convincing owners to buy another unit. While GoPro annually releases the latest and greatest action camera, most owners I’ve talked to are satisfied with the capabilities of the GoPro they purchased previously.
To Read Our Daily News Updates, Please Visit Inventiva Or Subscribe Our Newsletter & Push.