GoPro Underwhelms Wall Street with Fourth Quarter Results

Camera maker GoPro reported its quarterly results on Wednesday that left traders less than enthused.

The company’s stock fell 15% in extended hours following the revenue and earnings report.

For the fourth quarter, the digital camera company reported revenue of $528 million. This was below the $566 million that analysts had been expecting per FactSet.

Net income at $96 million, or 65 cents a share was also below the 70 cents a share expected per FactSet.

“We believe we are well-positioned to meaningfully expand both margin and EPS in 2020 thanks to the strength of our entire product line, high-margin Plus subscription service and app monetization strategy,” GoPro Chief Executive Nick Woodman stated.

In the same quarter one year ago, GoPro had reported net income of $32 million, or 22 cents a share and revenue of $377 million.

The company cited production issues for the dismal results.

“We think lackluster holiday sales drove results below the high end of GoPro’s guidance, and as such, we lowered our Q4 estimates to the mid-point,” Wedbush Securities analyst Michael Pachter said on Jan. 31.

In the last twelve months, shares of GoPro have fallen 15.3%.

Disclaimer: We have no position in GoPro Inc. (NASDAQ: GPRO) and have not been compensated for this article.