GPRO - Why GoPro Stock Plunged 17.7% This Week
2024-05-10 16:24:00 ET
GoPro 's (NASDAQ: GPRO) turnaround isn't taking hold, and the company has once again seen its stock drop like a rock this week. According to data provided by S&P Global Market Intelligence , shares fell as much as 17.7% during the week and are down 16.7% at 3 p.m. ET on Friday.
GoPro announced first-quarter earnings this week, and there wasn't a lot to like. Revenue fell 11% from a year ago to $155 million, generally accepted accounting principles (GAAP) loss exploded to $339 million, and non-GAAP loss was up $7 million to $32 million, or $0.21 per share.
Q1 isn't usually a great quarter for GoPro, but the company burned through $98.4 million in cash and ended the year with just $133.7 million in cash on the balance sheet.
For further details see:
Why GoPro Stock Plunged 17.7% This Week