GoPro Inc shares dive as Q4 results disappoint, Hero4 camera fails to capture sales

GoPro's sales took a hit after it had to twice lower the price on its latest model, the Hero4 Session.

GoPro Inc. swung to some loss in the fourth-quarter and forecast sales within the first quarter which were below analysts’ projections after a disappointing end to 2015 as its latest cube-shaped action camera failed to inspire sales at Christmas. The organization also said chief financial officer Jack Lazar is stepping down.

For the present quarter GoPro said hello sees revenue of US$160 million to US$180 million. That compares with analysts’ average estimates of US$287.3 million.

The maker of wearable video cameras posted a loss of US8 cents a share, excluding certain costs, in the fourth quarter. Analysts on average were projecting a profit of US1 cent, according to data published by Bloomberg. Revenue was US$436.6 million, compared with the typical estimate of US$434.9 million following the company announced preliminary results Jan. 13, and said hello would eliminate seven per cent of its workforce.

Shares in GoPro fell more than 9 per cent to US$9.65 in extended trading on the Nasdaq. The shares rose 4.6 percent Wednesday to US$10.71 at the close of trading in Ny, prior to the results were released.


About admin


Check Also


Twitter Inc’s user growth stalls as sales forecast falls short of estimates

Twitter Inc. said it didn’t add new users in the fourth quarter and forecast first-quarter ...


Manulife Financial Corp profit slides 62% as energy investments take a hit: ‘A disappointing year’

TORONTO – Energy exposure hit the conclusion of Manulife Financial Corp. in the fourth quarter, ...


Pension funds hope for better deal in de-risking marketplace

A pension risk exchange – an online marketplace that aims to create those defined benefit ...