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GoPro shares tank after reporting revenue dives 13%
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, while still managing to beat Wall Street revenue expectations.
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. Cash and investments totaled $148 million at the end of Q3 2018.
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. And for the 19th straight quarter, GoPro is the number one selling camera by unit volume in North America.
The company is also still growing its social channels, reaching a 21-month high in September.
GoPro recently revamped its camera line up in time for the holiday quarter. Yet GoPro is still struggling, at least seemingly, at convincing owners to buy another unit. While GoPro annually releases the latest and greatest action camera, most owners I’ve talked to are satisfied with the capabilities of the GoPro they purchased previously.
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Snap reportedly looked at drones as a product option
Snap’s camera company ambitions included exploring drones as a possible product line, according to a new report from the New York Times. The drone plans would’ve given users the potential to take photos and videos from an eagle-eye perspective to share on Snapchat, its social network, and would’ve offered another hardware option alongside Spectacles as a way to help users… Read More
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GoPro wants the moments you capture on the internet instantly
GoPro is facing a bit of an existential crisis as it starts to contend with other wearables — like the Snapchat Spectacles — cropping up to capture moments in peoples’ lives that they can share with their friends. So GoPro needs to basically find ways to get the footage it captures on its cameras on the internet as fast as Snapchat can, without having to do any major editing.… Read More
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The recalled GoPro Karma drone can be fixed with a piece of tape
GoPro recalled its Karma drone around 16 days after it launched in November last year for an issue with the battery. According to CEO Nick Woodman, that can even be fixed with a piece of tape. The problem with the drone stems from the battery basically popping out a few millimeters and causing a power failure in the drone, Woodman said at TechCrunch’s stage at CES this year. So, if a… Read More
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GoPro says it is re-launching the Karma drone this year
GoPro recalled its first drone, the Karma, about 16 days after launch in November last year. Now GoPro says it will be re-launching the drone this year, though it doesn’t have a specific date to share yet. For GoPro, the launch can’t come soon enough. The company said it would cut 15 percent of its workforce in a restructuring in November last year, and its third-quarter… Read More
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Vitrima is a hack that brings 3D vision to your GoPro camera
If there was a product that could make you dig out your dust-collecting GoPro from the “misc” drawer and turn it into a 3D-filming camera, would you buy it? Of course you would; 737 people said “yes, please” in the Vitrima Indiegogo campaign, backing it to breathe some life into their GoPros. Shipping today, the product is available to order for $145 from the… Read More
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Lume Cube is back on Kickstarter with a smartphone-friendly light source
When Lume Cube first crashed into the world’s consciousness, they did so with an $80 smartphone-controlled, waterproof light aimed at the GoPro-loving extreme sports market. Today, the company launched a Kickstarter campaign for Life Lite, its followup. Life Lite is 33% less bright, but also half the price and half the size. The new addition is aimed at people shooting live video with… Read More
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New GoPro accessories include a smartphone card reader and a voice remote
GoPro is revealing many new goodies today, including a few new accessories with run the risk of getting the lost in the noise. They’re actually pretty interesting, though – there’s the Quik Key, a micro-USB card reader that lets you grab pics and video from your GoPro and pop them right onto your phone for sharing and editing; and the REMO, a voice-powered remote control… Read More
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GoPro’s developer program aims to connect its cameras to cars, toys and apps
GoPro on Thursday very quietly took the wraps off its new developer program, by which it hopes to get its action cameras hooked into as many third-party devices, vehicles and services as possible. The GoProblem
Action cameras are like tablets. Lots of people want ONE. But very few need to constantly update to the latest model. I suspect this is why GoPro’s sales are slowing, it’s reduced sales forecasts, and it had to lay off 7% of its employees this week. It’s hitting market saturation. Many of the people likely to buy a GoPro already have one and don’t need another.… Read More
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