Today GoPro entered the cutthroat business of personal lighting. This is the GoPro Zeus Mini; it looks like a rad little light, though it’s a curious product from an action camera company. GoPro says the light is also compatible with all of GoPro’s mounts.
Shares of GoPro (NASDAQ: GPRO) climbed 34.4% in April, according to data from S&P Global Market Intelligence. GoPro stock got hit hard in March's coronavirus-driven sell-off, but shares saw recovery in April thanks to momentum for the broader market. GoPro stock has lost some ground in May's trading.
Despite COVID-19 pandemic, factors like effective channel inventory management, direct-to-consumer operating model and accretive subscriber base drive GoPro's (GPRO) first-quarter 2020 results.
GoPro Inc (GPRO) shed 14% in Wednesday’s trading after the company pre-announced Q1 revenue of $119 million, down 51% year-over-year, and far below its prior guidance of $140-160 million.The action camera maker reported adjusted losses in the middle of its projected range of $0.30-$0.40 per share, with cash of $125 million and channel inventory down by 30%. However with direct to consumer up significantly in the quarter, the average selling price (ASP) increased 23% sequentially to $350.“For a consumer electronic company with a non-essential product levered towards tourism and getting outside … the numbers were ugly” stated Oppenheimer analyst Andrew Uerkwitz.But he is encouraged by the fact that GoPro management is doing something many others aren’t doing: accelerating its business plan.For GoPro that involves accelerating its strategy towards a direct-to-consumer model, which ‘makes sense’ given that Core GoPro users are already mostly digital.This will enable the company to restructure its sales and marketing team, including a workforce reduction of over 20%. Specifically, GPRO announced plans to reduce Non-GAAP OpEx by $100 million in 2020 (from $377M in 2019) and further in 2021 to $250 million.“With a leaner model, GoPro is better positioned to remain cash flow–positive despite vastly lower revenue (updated model down 52%). And beyond COVID-19, a lean GoPro, a profitable GoPro, a strong brand in GoPro … is an Outperform stock” cheers Uerkwitz.As a result the analyst reiterated his GPRO buy rating with a price target of $7- indicating upside potential of over 150%. However, Uerkwitz is the only bull in the picture right now- with the stock displaying a Hold analyst consensus. (See GPRO stock analysis on TipRanks).The company also withdrew its 2020 financial guidance, while CEO Nicholas Woodman announced plans to forego his salary for the rest of the year.Related News: Goldman Sachs Profit Plummets 49% as Loan-Loss Provisions Balloon Costco Ramps Up Dividend By 8% Arcus Surges 50% In After-Hours Trading On Rumored Gilead Stake More recent articles from Smarter Analyst: * AT&T; CEO Randell Stephenson to Step Down, COO John Stankey to Serve as New Head * Tesla Plotting Restart At California Factory Next Week * Facebook Launches New Free Video Call Feature; Zoom Shares Dip 6% * Nvidia (NVDA) Stock Is a Great Play, Says 5-Star Analyst
Mount it, wear it, love it—GoPro's magnetic multipurpose waterproof light, Zeus Mini, brings the brand's legendary versatility to lights. Now available on GoPro.com for $69.99, the rechargeable Zeus Mini features a robust magnetic swiveling clip and is compatible with GoPro's full line of camera mounts—making it insanely convenient for a wide range of uses.
(Bloomberg) -- GoPro Inc.’s chief hardware designer Danny Coster left the camera maker earlier this year after joining from Apple Inc.’s design team four years ago.“After nearly four years at GoPro where Danny was instrumental in transforming our design function, Danny decided to take his career expertise and family back to his native New Zealand to begin a new chapter of his life,” a spokesman for San Mateo, California-based GoPro told Bloomberg News. Coster’s last day at the company was in February, the spokesman added.In April, GoPro cut more than 20% of its workforce, shifted its sales strategy away from physical retail to direct-to-consumer, and cut its 2020 financial guidance due to the Covid-19 pandemic. Still, action camera hardware is key to GoPro’s future, and the departure of Coster means the loss of an influential product and design leader.Read more: GoPro Cuts More Than 20% of Workforce, Changes Sales StrategyCoster joined GoPro in 2016 as vice president of design, and his departure from Apple’s famed industrial design team was one of the first for the Cupertino, California-based technology giant. After he moved, several other veteran team members left, including longtime leader Jony Ive.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
GoPro Inc. rose 1.5% in the extended session Thursday after the company reported revenue in-line with what it pre-announced in April. The company reported a first-quarter net loss of $63.5 million, which amounts to 43 cents a share, compared with $24.4 million, or 17 cents a share, in the year-ago period. Adjusted for stock-based compensation, among other things, losses were 34 cents a share. Revenue fell to $119.4 million from $242.7 million in the year-ago period. Analysts surveyed by FactSet had estimated adjusted losses of 34 cents a share on revenue of $119.1 million. On April 15, GoPro yanked its 2020 guidance due to the coronavirus, said it was laying off 20% of its staff, over 200 employees, and reducing operating expenses by $100 million. The company said at the time that its global distribution network was hurt by the pandemic, but its "product roadmap" for 2020 won't be impacted. The company also pre-announced revenue and adjusted earnings per share in April. GoPro had said it sold roughly 700,000 cameras during the quarter and reduced its channel inventory by 30%. For the second quarter, analysts model adjusted losses of 14 cents a share and sales of $137.4 million. "We've taken decisive action to transition into a more efficient and profitable direct-to-consumer business," GoPro Chief Executive Nicholas Woodman said in a statement. "This benefits GoPro with a substantially reduced operating expense model, improved gross margin and a significantly lower threshold to profitability." Shares of GoPro have fallen 46% in the past year, as the S&P 500 index fell 1.2%.
San Mateo-based action camera maker GoPro Inc. said Thursday morning that it was laying off more than 20 percent of its workforce, or about 200 employees, as it revealed that first-quarter sales had tanked.
GoPro (GPRO) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
Image source: The Motley Fool. GoPro Inc (NASDAQ: GPRO)Q1 2020 Earnings CallMay 7, 2020, 5:00 p.m. ETContents: Prepared Remarks Questions and Answers Call Participants Prepared Remarks: OperatorGood day, and welcome to GoPro's First Quarter 2020 Earnings Results Conference Call.
GoPro (GPRO) now expects revenues of about $119 million, which was previously estimated between $140 million and $260 million.
GoPro, Inc. (NASDAQ: GPRO) today announced a strategic re-alignment to become a more efficient and profitable direct-to-consumer-centric business. Actions include a $100 million reduction to 2020 operating expenses including a workforce reduction of more than 20%, and plans to further reduce non-headcount related operating expenses to $250 million in 2021.
(Bloomberg) -- GoPro Inc. said it will cut more than 200 jobs, shift the company’s sales operation to market its digital adventure cameras directly to consumers and withdraw its 2020 financial guidance in response to the Covid-19 pandemic.The operational changes, staff reductions of more than 20% and cuts to office space will save $100 million in 2020, and reduce expenses next year to $250 million, the San Mateo, California-based company said Wednesday in a statement. GoPro said its shift to direct sales will mean a stronger focus on its website. The company said it still will use retail outlets for a small number of regions where such sales are preferred by consumers.“We have a clear opportunity to super-serve consumers’ demand for our products in a more direct and efficient manner which can have a positive impact on the profitability of our business,” Chief Executive Officer Nick Woodman said in the statement.While withdrawing its forecast, GoPro said its expects to report first-quarter revenue of $119 million and an adjusted loss in the mid-30 cents a share. The company sold 700,000 cameras in the period, and said the staff and operational changes won’t affect its 2020 product road map, which will include new devices and services.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Q1 2020 GoPro Inc Earnings Call
GoPro Inc. (NASDAQ: GPRO) will lay off more than 200 employees and sell its adventure cameras directly to consumers amid the coronavirus pandemic.What Happened With its restructuring efforts GoPro, which manufactures action cameras, video-editing software, and mobile apps, will save more than $100 million in 2020. The company also announced a reduction in non-headcount related operating expenses by a further $250 million in 2021, in a statement released on Wednesday.Nicholas Woodman, the CEO of GoPro, said, "GoPro's global distribution network has been negatively impacted by the COVID-19 pandemic, driving us to transition into a more efficient and profitable direct-to-consumer-centric business over the course of this year." The company's Chief Financial Officer Brian McGee believes the more direct-to-consumer-centric approach is "better aligned with the current business climate, is accretive to [average selling price] and gross margin, and positions [GoPro] well for when consumer demand begins to normalize." He said the reduced operating expenses and improved ASP and gross margin, would significantly lower the "threshold to achieve profitability."View more earnings on GPROAdditionally, GoPro announced the appointment of Aimee Lapic as the company's Chief Digital Officer to lead its direct-to-consumer growth initiatives. Lapic's previous experience includes the position of Chief Marketing Officer at Pandora, a Sirius XM Holdings Inc. (NASDAQ: SIRI) run music and podcast platform, and at Gap Inc. (NYSE: GPS) owned Banana Republic.Why It Matters GoPro is withdrawing its Q1 and 2020 earnings guidance due to COVID-19 related uncertainty. First-quarter revenue is expected to be $119 million and adjusted loss to the tune of $0.30 per share. GoPro sold 700,000 cameras during the first quarter. It has $125 million in cash and equivalents as of March 31.Woodman will forego the remainder of his salary till the end of 2020, while the Board of Directors has also volunteered to forego the remainder of their cash compensation.The adventure camera maker has also reduced its office space in five locations and slashed sales and marketing expenditures for 2020 and beyond. No change is expected to the 2020 product roadmap, which will involve roll out of new devices and services.Price Action GoPro shares traded 3.01% lower at $2.58 in the after-hours session on Wednesday. The shares had closed the regular session 13.64% lower at $2.66.See more from Benzinga * Robinhood Said To Be Raising 0M In New Funding * Amazon Closes French Warehouses After Court Ruling Limits Operations To Essential Deliveries * President Trump Halts WHO Funding Citing Mismanagement Of Pandemic(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
GoPro released an update for its award-winning MAX 360-camera today that unlocks awesome new options for spherical video and photo capture. New features include the addition of 3k at 60 frames per second, Time Lapse Video and Time Lapse Photo, all in 360 mode.
GoPro Inc. announced Wednesday plans to lay off more than 20% of its remaining staff and cut out retailers from its sales as revenue reels from the spread of COVID-19.
Best Buy takes a novel approach to start reopening its physical stores.
The U.S. Labor Department said the pandemic cost 20.5 million jobs in April, pushing the unemployment rate to a post–World War II high and deepening the economic crisis, while in New York, a child died of a rare condition linked to the virus.
Action camera manufacturer GoPro has announced some massive organizational changes at the company. In particular, the company is laying off more than 200 employees — which represents a 20% staff reduction. The company expects a "$100 million reduction in non-GAAP operating expenses in 2020 and plans to further reduce operating expenses into 2021 to $250 million."