GoPro Posts Q3 Loss; Shares Plunge 14%

(RTTNews) - Shares of GoPro Inc. (GPRO) plunged 14% in extended session on Thursday after the action-sports camera maker reported a loss for the third quarter, hurt largely by 13% drop in revenues, as the demand for its Hero brand camera continues to decline.

San Mateo, California-based GoPro reported a third-quarter loss of $27.1 million or $0.19 per share, compared with last year's profit of $14.7 million or $0.10 per share.

GoPro reported adjusted loss of $6.1 million or $0.04 per share, compared with last year's profit of $21.1 million or $0.15 per share. On average, 8 analysts polled by Thomson Reuters expected loss of $0.06 per share for the quarter. Analysts' estimates typically exclude special items.

GoPro's revenues for the third quarter dropped 13% to $285.9 million from $329.8 million a year ago. Analysts had a consensus revenue estimate of $272.27 million for the quarter.

Gross margin for the quarter was 32%, up from 29% a year ago.

GPRO closed Thursday's trading at $7.18, up $0.61 or 9.28%, on the Nasdaq. The stock, however, slipped $0.94 or 13.09% in the after-hours trade.