GoPro Plunges 15% After-Hours Following Q3 Earnings Miss
GoPro inventory took a serious dive Wednesday following the discharge of its Q3 financials.
On the market’s shut, GoPro reported a miss on its Q3 earnings, posting an adjusted $zero.25 per share on $four hundred.three million non-GAAP income in the course of the interval. These figures in comparison with road expectations of a $zero.29 per-share revenue and income of $433.6 million.
The motion digital camera maker’s $four hundred.three revenues represented a forty three % yr-over-yr improve from $280 in Q3 2015, with EPS additionally up considerably from $zero.12 within the corresponding quarter final yr. The corporate shipped 1.6 million digital camera units in Q3, up forty six % from Q3 2014, however nonetheless lower than the road had anticipated.
In a press release, GoPro CEO and founder Nicholas Woodman stated “enterprise within the third quarter was clearly harder than anticipated.”
The corporate shipped a pair new units this quarter, together with the Hero+ and Hero4 Session, and introduced plans to construct a shopper drone.
Apparently, GoPro emphasised how essential overseas markets, particularly China, had been to the corporate’s progress. Gross sales outdoors of the U.S. reportedly made up greater than 50 % of the corporate’s income. The corporate stated China was “the quickest rising market in GoPro’s historical past.”