Following a poor performance last quarter, GoPro reported a 39 percent drop in third-quarter sales and an overall loss for the quarter. The company posted third-quarter 2016 sales of $240.6 million versus sales of $400.3 million during the same period a year ago. Third-quarter net income ended with a non-GAAP loss of $83.4 million.
Considering its dominance of the action camera sales, it’s hard to separate GoPro’s performance from the overall health of the action camera market. Even so, the company expects double-digit year-over-year revenue growth for 2017, likely putting a lot of hope in its drone launch. However, we can expect GoPro to dominate drone sales the way it captured (and help create) the action camera market, since several drone brands already have traction.
Still, GoPro founder and CEO Nicholas Woodman remains his characteristically optimistic self, when speaking of 2017.
“These are the best products we’ve ever made and consumer demand is strong,” he said. “GoPro is now a seamless storytelling experience and we’re very happy with customer reception so far. Looking forward to 2017, we expect to return to profitability, driven by the strength of our new products, double digit revenue growth and annual operating expenses of approximately $650 million.”
With 2016 full-year revenue projected between $1.25 and $1.3 billion, it’s no surprise Woodman sounds upbeat.
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