=GoPro (GPRO) reported earnings on Thur 3 Nov 2016 (a/h)

GoPro misses by $0.26, misses on revs; guides Q4 EPS below consensus, revs below consensus; lowers FY16 rev guidance; Pushes profitability expectations out from Q4 into FY17 :

• Reports Q3 (Sep) loss of $0.60 per share, excluding non-recurring items, $0.26 worse thanthe Capital IQ Consensus of ($0.34); revenues fell 39.9% year/year to $240.56 mln vs the $312.73 mln Capital IQ Consensus.
  • Gross Margin 40.6% (Guidance 39-41%)
• Co issues downside guidance for Q4, sees EPS of $0.25-0.35, excluding non-recurring items, vs. $0.45 Capital IQ Consensus Estimate; sees Q4 revs of $600-650 mln, excluding non-recurring items, vs. $669.83 mln Capital IQ Consensus Estimate.
• Co issues downside guidance for FY16, sees FY16 revs of $1.25-1.30 bln (Prior $1.35-1.50 bln) vs. $1.39 bln Capital IQ Consensus Estimate.
• 2017
  • "Looking forward to 2017, we expect to return to profitability, driven by the strength of our new products, double digit revenue growth and annual operating expenses of approximately $650 million."
  • Double digit year-over-year revenue growth
  • GAAP operating expenses of approximately $735 million
  • Non-GAAP operating expenses of approximately $650 million
  • GAAP net loss
  • Non-GAAP net income profitable