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 percent.
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.
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.
The company is also still growing its social channels, reaching a 21-month high in September.
from Gadgets – TechCrunch