[cnxvideo id=”655415″ placement=”ros”]When GoPro Inc. (NASDAQ: GPRO) released its first-quarter earnings report after the markets closed on Thursday, the company said that it had a net loss of $0.44 per share and $218.6 million in revenue. That compared with consensus estimates from Thomson Reuters of a net loss of $0.44 per share and revenue of $207.89 million. In the same period of last year, GoPro posted a net loss of $0.63 per share and $183.54 million in revenue.
What stood out here was that non-U.S. markets generated 60% of first quarter revenue.
According to The NPD Group’s Retail Tracking Service, in the United States in the first quarter GoPro accounted for three of the top five products, including the top three spots, on a unit basis in the digital image category. The company’s HERO5 Black was the best-selling digital image camera in the United States in the first quarter on a unit and dollar basis.
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Also according to NPD, in March GoPro’s drone, Karma with HERO5 camera, was the number two best-selling drone priced over $1,000 in the country on a unit basis. According to GfK, in the first quarter Japan unit and dollar sell-through was up over 120% and nearly 140% year over year, respectively, and the category dollar share grew to 3.4% from 1.4% in the first quarter of 2016.
In terms of the outlook for the second quarter, GoPro expects to see revenues of $270 million, give or take $10 million with a gross margin in the range of 32.5% to 34.5%. The consensus estimates are a net loss of $0.17 per share and $240.42 million.
Nicholas Woodman, GoPro’s founder and CEO, commented:
GoPro is executing a turnaround. We had a great first quarter and feel good about our outlook for the second quarter. We remain on track toward our goal of returning to full-year non-GAAP profitability in 2017.
Shares of GoPro traded down 7% at $8.31 Friday morning, with a 52-week trading range of $7.14 to $17.68 and a consensus analyst price target of $8.67.
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