GoPro Stock Plummets 15% Following Big Earnings, Sales Miss

Shares of GoPro Inc. tumbled 15% in after-hours trade Wednesday following a top- and bottom-line miss for the third quarter. The company reported net income of $18.8 million, or 13 cents a share, compared with $14.6 million, or 10 cents, in the year-earlier period. Excluding one-time items, GoPro said it earned 25 cents a share, below the consensus estimate of 29 cents, according to FactSet. Revenue rose 43% to $400.3 million, but that also fell below analyst expectations, with the FactSet consensus calling for revenue of $433.4 million. GoPro Chief Executive Officer Nicholas Woodman said that the quarter was "clearly more difficult than anticipated." The company did not provide an update to its fourth-quarter or full-year outlooks. Shares of GoPro have fallen more than 50% over the last three months, vastly underperforming the S&P 500, which is virtually flat. The stock is currently on track to open at an all-time low on Thursday.

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