GoPro is crashing
By Myles Udland
Business Insider
February 5, 2015
GoPro shares were having a huge afternoon, but now the stock is getting crushed.
After trading up as much as 13% after the company reported fourth-quarter earnings that beat expectations, the stock is now down as much as 15%.
GoPro reported a djusted earnings per share came in at $0.99 on sales of $633.9 million.
Wall Street's expectations were for earnings per share of $0.70 on revenue of $581.9 million, according to Bloomberg.
The news investors seem not to like was disclosed in a regulatory filing, as the company said that on February 2, its COO Nina Richardson tendered her resignation effective as of February 27, 2015.
GoPro's gross margin in the fourth quarter came in at 48%, above the company's expectations for margins of 43.5%-44.5%.
For full year 2014, GoPro revenue totaled $1.39 billion, up 41% from the prior year. Units shipped in 2014 rose to 34% to 5.2 million.
In the fourth quarter, the company shipped 2.4 million cameras, more than the 1.95 million Wall Street was expecting, according to CNBC's Josh Lipton.
In a statement, GoPro CEO Nick Woodman said, " We're feeling good. GoPro was one of the best-selling products this holiday, selling-in an average of 1,000 units per hour for the entire quarter."
GoPro, which makes wearable cameras, has been one of the most controversial stocks in the market since it went public in June and is about 30% off its all-time high hit in late September and early October.
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