When GoPro Inc. (NASDAQ: GPRO) released its most recent quarterly results late on Thursday, the company said that it had a net loss of $0.30 per share and $334.8 million in revenues. That compares with consensus estimates that were calling for a net loss of $0.10 per share on $340 million in revenues. The fourth-quarter of last year reportedly had earnings of $0.29 per share and revenue of $540.6 million.
During this quarter, the Quik Mobile Video Editing App was installed 38 million times since it launched in 2016. Quik App installs grew 120% year over year in 2017.
GoPro’s Plus subscription service tallied 130,000 paying subscribers worldwide. In January 2018, GoPro expanded subscription benefits for Plus subscribers, including replacement for damaged cameras, mobile cloud backup and greater storage capacity.
Aside from this, the company saw unit sales in China grow by 28% year-over-year in 2017, marking 2 years of consecutive sell-through growth. At the same time, Japanese unit sales grew by 96%, marking 2 years of consecutive growth with sell-through doubling each year since 2015.
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While these numbers may seem impressive, GoPro has struggled for a while. Earlier this month, GoPro announced layoffs, as well as that it was giving up on drones.
CEO Nick Woodman commented on this earnings report:
The fourth quarter demonstrated there is significant demand for GoPro products at the right price. Our opportunity in 2018 is to marry consumer demand for GoPro with new, higher margin cameras launching in the second half that will appeal to existing and new consumers. We are also focused on growing GoPro’s subscription service, Plus, and launching new initiatives as subscription becomes an increasingly important focus for our business.
Note that 24/7 Wall St. had named Woodman as one of 2017’s 20 worst CEOs.
Shares of GoPro were about 5% at $5.23 early Friday, with a consensus analyst price target of $7.06 and a 52-week range of $5.04 to $11.89.
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