GPRO - Why GoPro Stock Dropped Today
Shares of action-camera company GoPro (NASDAQ: GPRO) dropped on Friday after reporting financial results for the fourth quarter of 2022. But I think this pullback should be kept in perspective -- the stock is still up about 18% year to date and beating the 8.7% gain for the S&P 500 . However, GoPro stock was down about 9% on Friday as of noon ET.
In Q4, GoPro generated revenue of $321 million, down 18% from the same quarter last year. And full-year 2022 revenue of $1.09 billion was down 6% from 2021. These numbers were barely short of Wall Street's expectations.
On the bottom line, the good news is that GoPro was profitable in 2022. With $3 million in Q4 net income, the company's full-year total came in at $29 million. However, the bad news is that its profits fell substantially from 2021. Even when adjusting the numbers to account for one-time benefits last year, adjusted net income fell almost 45% year over year.
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Why GoPro Stock Dropped Today