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Tue, May 10, 2016

GoPro Posts Loss In First Quarter 2016

Delays Launch Of Karma UAV Until The Holidays

GoPro announced a significant loss in the first quarter of 2016, with revenues down by nearly half compared to the same period the previous year.

The company announced its first quarter results last Friday. The downturn means that the launch of the company's much-anticipated proprietary drone will delayed by several months.

"Consumer demand for GoPro remains solid," said Nicholas Woodman, GoPro Founder and CEO, in a news release. "Unit sell-thru was close to first quarter 2015 levels, a quarter which benefited from the launch of HERO4. Revenue exceeded our guide and, importantly, unit sell-thru rates were approximately 50% higher than sell-in which drove global inventory levels down. And while we had to make the difficult decision to delay our drone, Karma, the upside is that Karma's launch should now benefit from the holidays."

The company is continuing to estimate that its full year 2016 revenue to be in the range of $1.35 billion to $1.5 billion, in line with the guidance we provided on February 3, 2016.

(Source: GoPro news release. Image from file)

FMI: www.gopro.com

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