Shares of GoPro Inc. tumbled 20% in after-hours trade Thursday after the company reported a much weaker-than-expected third-quarter loss and provided a disappointing outlook for the current quarter. The action camera maker reported a net loss of $104 million, or 74 cents a share, compared with a profit of $19 million, or 13 cents, in the year-earlier period. Excluding one-time items, GoPro said its adjusted loss was 60 cents a share, far below the 36-cent loss analysts had been expecting, according to FactSet. Revenue for the three-month period fell to $240.5 million from $400 million, short of the consensus estimate of $313 million. The company is calling for revenue of $625 million, plus or minus $25 million, for the current quarter, which is below the $666 million analysts were expecting. It projects earnings per share of 30 cents for the quarter, below the 43-cent consensus. GoPRo CEO Nicholas Woodman said the company expects to return to profitability in fiscal 2017, due to new products such as its Karma drone and Hero5. Shares of GoPro slumped to $9.18 in extended trade. They closed down 7% to $11.94 in the regular session Thursday, extending the decline to 10% in the past three months and 52% in the past year. The Dow Jones Industrial Average, meanwhile, is down just 2.3% in the past three months and flat on the year. The S&P 500 is down 3.5% in the past three months and down 1% on the year.
Continue Reading Below
Copyright © 2016 MarketWatch, Inc.