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GoPro revenue beats estimates; to delay drone launch
A Re-fuel rechargeable battery for GoPro Hero cameras is displayed during the 2015 International Consumer Electronics Show (CES) in Las Vegas, Nevada January 4, 2015.
Reuters/Steve Marcus
GoPro Inc reported a lower-than-expected fall in quarterly revenue as demand for its popular wearable action cameras remained strong.
Shares of the company, which said it would delay its drone launch, were up 4.1 percent in after-hours trading on Thursday.
The company's revenue fell 49.5 percent to $183.5 million in the first quarter ended March 31.
Analysts on average had expected revenue of $169.1 million, according to Thomson Reuters I/B/E/S.
"Unit sell-thru was close to first quarter 2015 levels, a quarter which benefited from the launch of HERO4," Nicholas Woodman, GoPro Founder and CEO, said in a statement.
The company said launch of the drone, Karma, should now benefit from the holidays.
GoPro posted a net loss of $107.4 million, or 78 cents per share, in the three months ended March 31, compared with a profit of $16.8 million, or 11 cents per share, a year earlier.
Excluding items, the company lost 63 cents per share.
Revenue fell to $183.5 million from $363.1 million.
Analysts on average had estimated a loss of 60 cents.
(Reporting by Rishika Sadam and Anya George Tharakan in Bengaluru; Editing by Sriraj Kalluvila)
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