SAN MATEO, Calif. (BRAIN) —GoPro on Thursday reported a first-quarter loss of $111.2 million on revenue that rose 19 percent to $218.6 million, topping the company’s guidance for the period.
“GoPro is executing a turnaround. We are a considerably more efficient and effective company than we were just six months ago, and you’re seeing it in our first-quarter results,” GoPro CEO Nicolas Woodman said in an earnings call, adding that the company remains on track to return to profitability in 2017. GoPro has consecutive losses the past six quarters.
Sell-through was down during the quarter, but higher average selling price for new products like the Karma drone, which went back on sale Feb. 1 after being pulled from shelves for three months due to recall, drove revenue higher for Q1. Woodman said that Karma bundled with the Hero5 Black camera was the second best-selling drone over $1,000 for the month of March, according to NPD Group data.
GoPro shipped 738,000 camera units in the first quarter, with cameras $399 and above accounting for more 60 percent of the units shipped, CFO Brian McGee said.
For the current second quarter, GoPro is projecting revenue of $260 million to $280 million.
GoPro's stock is traded on the Nasdaq exchange under the GPRO symbol. Its stock performance is tracked on BRAIN’s stock page.
