GoPro Revenue Plunges But Beats Estimates

first_img Apply Now » 2 min read Next Article GoPro Inc.’s quarterly revenue plunged 47.4 percent, but beat analysts’ estimates, which have been sharply lowered on shrinking demand for the company’s body-mounted point-of-view cameras.The company’s shares were up 2.4 percent in volatile trading after the bell on Wednesday.GoPro’s revenue fell to $220.8 million in the second quarter ended June 30 from $419.9 million a year earlier.Analysts on average were expecting revenue of $194.3 million, according to Thomson Reuters I/B/E/S.That is about 20 percent lower than the estimate on May 5, when GoPro reported first-quarter results and delayed the launch of its Karma drone until the holiday season.The company, whose cameras are worn by surfers, skydivers and other action junkies, said second-quarter units shipments rose 8 percent to 759,000 compared with the first quarter.Its average selling price increased 11 percent sequentially and 14 percent on a year-over-year basis.GoPro, however, maintained its full-year revenue guidance of $1.35 billion to $1.5 billion. Analysts on average were expecting revenue of $1.34 billion.GoPro posted a loss of $91.77 million, or 66 cents per share, for the second quarter compared with a profit of $35.03 million, or 24 cents per share, a year earlier.Excluding items, GoPro lost 52 cents per share in the latest quarter, less than analysts’ estimates of 58 cents.(Reporting by Ismail Shakil and Anya George Tharakan in Bengaluru; Editing by Savio D’Souza) The only list that measures privately-held company performance across multiple dimensions—not just revenue. 2019 Entrepreneur 360 List This story originally appeared on Reuters GoPro Revenue Plunges, But Beats Estimates July 28, 2016 –shares A GoPro Hero 3+ camera GoPro Reuters Add to Queue Image credit: Reuters | Mike Segarlast_img

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