The stock price of GoPro Inc (NASDAQ:GPRO) closed $30.21 per share, up by 7% on Wednesday. However, the stock declined more than 18% to 24.70 per share during the extended trading, around 4:33 PM in New York. The company was negatively impacted by its third-quarter financial results that disappointed investors.
GoPro financial results
For the third quarter, GoPro reported non-GAAP earnings of $0.25 per share, up by 108.3% from its earnings of $0.12 per share in the same period a year ago. The maker of wearable, action camera delivered a 43% increase in revenue to $400.34 million from $279.97 million.
Wall Street analysts expected GoPro to report earnings of $0.29 per share on $433.6 million on revenue. The financial results of the company missed the consensus estimate of analysts.
GoPro said its Board of Directors approved a stock buyback of up to $300 million of its Class A shares. The company will start its shares repurchase program in the fourth quarter this year.
GoPro product lineup
In a statement, GoPro founder and CEO Nicholas Woodman said, “I am proud of our year-to-date accomplishments in which we posted strong financial results and expanded our portfolio of products. However our business in the third quarter was clearly more difficult than anticipated.
Mr. Goodman added that GoPro is entering the holiday season with an industry-leading product lineup, which is supported by great software solutions and a globally recognized brand.
“We are excited about our business and the investments we continue to make to scale GoPro into its next phase as a product, software and entertainment company,” he added.
GoPro relaunched the HERO4 Sessions in the third quarter. The HERO4 Session is well positioned for the holidays because its price is in between HERO4 Silver and HERO+.
The HERO+ is integrated with Wi-Fi/Bluetooth and it can capture 1080p60 and 720p60 video and 8MP single. The action camera also has Time Lapse and Burst photos features.
GoPro also launched the Odyssey, a new 16-camera rig designed for Google’s 3D, 360-degree virtual reality platform. The company also released the Trim-and-Share feature that allows users to select video clips directly in the camera or mobile device and share them instantly.
GoPro also launched is app on Apple Watch, brought immersive, spherical (VR) content to Facebook News Feed, and launched the GoPro Channel on Watchable.
