GoPro's Holiday Quarter And Forecast Even Worse Than Expected, New CFO Named

GoPro Inc. revealed losses in the holiday quarter and named a new chief financial officer, while providing a forecast well short of Wall Street expectations. The action-camera company revealed a loss of $34.4 million, or 25 cents a share, on sales of $436.6 million; after adjustments, GoPro said it lost 8 cents a share. Analysts polled by FactSet on average predicted a break-even quarter for adjusted profit on sales of $435 million, after GoPro warned of a disappointing holiday quarter in January. Analysts had expected more than $500 million in sales before GoPro's warning, which also included news of layoffs. GoPro said it expects sales of $160 million to $180 million in the current quarter, far below average analyst expectations of $291 million, according to FactSet, and the company's full-year guidance of $1.35 billion to $1.5 billion was below analysts' expectations of $1.6 billion. GoPro also said that Brian McGee, previously of Qualcomm Inc. , would take over as CFO on March 11 for the retiring Jack Lazar. GoPro shares were halted ahead of the company's announcement and were expected to begin trading again at 5 p.m. Eastern time.