GoPro Inc. (NASDAQ: GPRO) on Thursday reported fourth-quarter revenue and earnings that fell short of analysts’ estimates.
The company said revenue came at $334.8 million in the quarter ended December 31, 2017, missing analysts’ estimates of $340.1 million, according to Thomson Reuters. The disappointing resuslt came after the company lowered its guidance to $340 sales in January, which was already well below its original estimates.
Adjusted loss per share was 30 cents in the four quarter. Analysts polled by Thomson Reuters had estimated loss per share of 11 cents.
"The fourth quarter demonstrated there is significant demand for GoPro products at the right price," said GoPro founder and CEO Nicholas Woodman. "Our opportunity in 2018 is to marry consumer demand for GoPro with new, higher margin cameras launching in the second half that will appeal to existing and new consumers. We are also focused on growing GoPro'ssubscription service, Plus, and launching new initiatives as subscription becomes an increasingly important focus for our business."
GoPro shares fell in extended trading on Thursday. But it was trading 0.6 percent higher in the early trading on Friday. The stock was already down 26 percent this year.
GoPro has been struggling in the recent years. Earlier this year, the company announced to layoff more than 20 percent of its global workforce and exit the drone market.
The company also unveiled subscription service, which includes replacement for damaged cameras, mobile cloud backup, and greater storage capacity. It will cost $4.99 a month.