Action Camera Maker GoPro Inc. Report Big Losses

The action camera maker GoPro Inc. reports a big quarterly loss as costs nearly doubled during that time. The popular cameras are used by surfers, stunt drivers, skydivers and many more action junkies to record and share their exploits on-line.

GoPro shares fell 11 pct to $42.70 in extended trading after its first financial results since its initial public offering in June. The net loss attributable to the stockholders grew to $19.8 million, or 24 cents per share from the previous $5 million, or 6 cents. Excluding items, GoPro earned 8 cents per share.

The company is expecting a seasonally stronger second half. CFO Jack Lazar forecast earnings of 6-8 cents per share in the current quarter and a revenue of $255 million.

This is higher than the $244.6 million revenue reported in the second quarter, but that 38 percent jump in sales was offset by operating expenses of $119.5 million, almost double of the previous year. They are expecting them to drop back to between $92.5 million and $95 million in the current quarter, Lazar told analysts.

On Thursday stock closing, GoPro shares had doubled from its IPO price to $46.32.

Thank you Reuters for providing us with this information

Image courtesy of GoPro Inc