GoPro, Inc. (GPRO – Free Report) released its financial results for the first quarter of 2017, posting a loss of $0.44 per share and revenues of $218 million. Currently, GoPro is a Zacks Rank #2 (Buy), and is down 2.2% to $8.94 per share in trading shortly after its earnings report was released.
Beat earnings estimates.The company posted a loss of 44 cents per share (excluding special items), while analysts were expecting a loss of 45 cents per share.
Beat revenue estimates. The company saw revenue figures of $218 million, beating analysts’ average estimate of $208 million.
For Q1, GoPro saw revenue growth of 19% year-over-year, with 60% of total revenues generated by non-U.S. markets. The company cut down operating expenses by over $50 million quarter-over-quarter. Furthermore, GoPro’s followers on Instagram and Facebook went up by 40% and 22%, respectively, from a year ago.
The action camera manufacturer expects its second-quarter sales to range from $260 million to $280 million. For fiscal 2017, the company forecasts operating expenses to be under $580 million.
“We had a great first quarter and feel good about our outlook for the second quarter,” said GoPro’s Founder and CEO Nicholas Woodman. “We remain on track toward our goal of returning to full-year non-GAAP profitability in 2017.”
Here’s a graph that looks at GoPro’s latest performance:
GoPro, Inc. Price and Consensus
GoPro, Inc. Price and Consensus | GoPro, Inc. Quote
GoPro, Inc. engages in producing wearable HD camcorders, known as action cameras and related accessories. It also curates videos shot on its cameras and broadcasts those videos on its own channel on YouTube, Xbox Live and Virgin Atlantic flights. The company offers HERO line of cameras; premium accessories; and mounts comprising equipment-based mounts. It also offers other accessories that include spare batteries, charging accessories, cables to connect its GoPro cameras to televisions and monitors, video transmitters, external microphones, flotation devices, dive filters, and anti-fogging solutions, as well as accessories for the Wi-Fi remotes. GoPro, Inc. is headquartered in San Mateo, California.
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