Nick Woodman, founder and CEO of GoPro
Steve Marcus — Reuters
By Reuters
May 5, 2016

(Reuters) – GoPro reported a lower-than-expected fall in quarterly revenue as demand for its popular wearable action cameras remained strong.

Shares of the company, which said it would delay its drone launch, were up 4.1% (gpro) in after-hours trading on Thursday.

The company’s revenue fell 49.5% to $183.5 million in the first quarter ended March 31.

Analysts on average had expected revenue of $169.1 million, according to Thomson Reuters I/B/E/S.

“Unit sell-thru was close to first quarter 2015 levels, a quarter which benefited from the launch of HERO4,” Nicholas Woodman, GoPro Founder and CEO, said in a statement.

The company said launch of the drone, Karma, should now benefit from the holidays.

GoPro posted a net loss of $107.4 million, or 78 cents per share, in the three months ended March 31, compared with a profit of $16.8 million, or 11 cents per share, a year earlier.

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Excluding items, the company lost 63 cents per share.

Revenue fell to $183.5 million from $363.1 million.

Analysts on average had estimated a loss of 60 cents.


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