GoPro Inc missed its forecast for holiday-quarter revenue on Thursday as it struggles to drive demand for its flagship action cameras. Revenue fell 38.1 percent to $334.8 million in the fourth quarter ended 31 December.
Net loss narrowed to $55.8 million or 41 cents per share from $115.7 million or 82 cents per share, a year earlier. The company in January pre-announced its fourth quarter results and estimated revenue of $340 million. It also announced plans to exit its Karma drone business.
Earlier in January GoPro Inc said that it would be willing to partner with a larger sector player but is not actively engaged in a sale. Furthermore, it forecasts that tough regulatory hurdles in Europe and the United States will likely reduce the market for drones in the years ahead. Its exit from the drone business will take place after selling the existing Karma inventory
Updated Date: Feb 02, 2018 09:58 AM