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GoPro Inc (NASDAQ:GPRO) shares are trading lower by 0.93% to $6.40 during Thursday's after-hours session after the company reported mixed fourth-quarter earnings results.
What Happened?
GoPro reported quarterly earnings of 12 cents per share which beat the analyst consensus estimate of 9 cents. The company also reported quarterly sales of $321.02 million, which missed the analyst consensus estimate of $322.80 million by less than 1%. This is an 18% decrease over sales of $391.15 million in the same period last year.
See Also: Why Atlassian Shares Are Falling Sharply During Thursday's After-Hours Session
Meanwhile, GoPro.com revenue, including subscription and service revenue, was flat year-over-year at $128 million, or 40% of total revenue. The company highlighted subscription and service revenue increased 30% year-over-year to $22 million.
"In 2022, GoPro achieved GAAP profitability in a very challenging macroeconomic environment. We generated EBITDA of $95 million, or 9% of revenue. Additionally, we grew subscribers to 2.25 million, bringing our subscription and service revenue to an annual run rate of $100 million with 70-80% gross margin," said Nicholas Woodman, GoPro's founder and CEO.
"GoPro ended the year with solid balance sheet metrics and $367 million in cash after repaying debt of $125 million and repurchasing $40 million in stock," said Brian McGee, GoPro's CFO and COO.
According to data from Benzinga Pro, GPRO has a 52-week high of $9.42 and a 52-week low of $4.50.
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New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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