GPRO - GoPro shares plummet as guidance disappoints

GoPro (NASDAQ:GPRO -17.4%) shares cratered on Friday, leading the consumer electronics sector lower after a disappointing earnings print. Shares of the San Mateo, California-based camera company fell over 16% in Friday afternoon trading, extending an over 30% loss thus far in 2022.   The significant slide might be somewhat surprising initially, given the company’s beat on profit estimates for the first quarter, coupled with in-line revenue. Additionally, the company was able to expand margins despite significant supply chain and inflation headwinds that have hit the overall consumer electronics sector.  Further still, subscription revenue appeared buoyant, growing 8% from 2021.  However, the company’s weak guidance appears to be the culprit for the cratering of shares on the day.  “While we are impressed that GoPro is expanding its total addressable market with specialized products for vloggers as well as flying drones, the Q2 outlook is below consensus by 12%,” Citi analyst Jim Suva

For further details see:

GoPro shares plummet as guidance disappoints