Today, with the rapid advancement of mobile phone technology, cameras have become increasingly important. One major player in the action camera market, GoPro (NASDAQ: GPRO), recently announced its second-quarter 2017 financial results for the period ending June 30th. According to the report prepared under U.S. Generally Accepted Accounting Principles (GAAP), GoPro's revenue for Q2 came in at $297 million, representing a 34.3% increase compared to $221 million during the same period last year. However, the company reported a net loss of $30.536 million, which marked a significant improvement of 66.7% compared to a net loss of $91.677 million in the prior year’s second quarter.
The impressive financial performance led to a notable surge in GoPro's stock price, rising by over 12% in after-hours trading following the release of these figures. This upward movement reflects investor confidence in the company's ability to stabilize its financial position amidst a competitive market.
Key highlights from GoPro's second-quarter performance include:
- Revenue reached $297 million, marking a 34.3% increase from $221 million in the corresponding period of the previous year.
- The gross profit margin stood at 35.6%, down by 6.5 percentage points from 42.1% in the second quarter of the prior year. On a Non-GAAP basis, the gross profit margin was 36.2%, a decrease of 6.2 percentage points from 42.4% in the same period last year.
- Operating losses were reduced significantly to $24.89 million, a decline of 77.2% compared to an operating loss of $109 million in the second quarter of the previous year. Non-GAAP operating losses amounted to $9.25 million, narrowing from $89.298 million in the corresponding period of the prior year.
- The net loss was $30.536 million, a reduction of 66.7% compared to a net loss of $91.677 million in the second quarter of the previous year. On a Non-GAAP basis, the net loss decreased to $12.914 million, improving by 82.2% from $72.595 million in the prior year.
- The diluted net loss per share was $0.22, a decrease of 66.7% from $0.66 per share in the same period last year. On a Non-GAAP basis, the diluted loss per share was $0.09, narrowing by 82.7% from $0.52 per share in the second quarter of the prior year.
- Adjusted EBITDA stood at $5.12 million, compared to $76.757 million in the second quarter of the previous year.
Looking ahead, GoPro provided guidance for the third quarter of 2017:
- Revenue is projected to be $300 million, with a potential variance of $10 million.
- Gross margins are expected to be around 37%, with a possible fluctuation of 1 percentage point.
- Operating expenses are forecasted to range between $131 million and $133 million. On a Non-GAAP basis, operating expenses are estimated to fall between $115 million and $117 million.
- The diluted net loss per share is anticipated to be $0.24, with a possible variation of $0.05. On a Non-GAAP basis, the diluted net loss per share is expected to be $0.06, with a similar fluctuation of $0.05.
For the full 2017 fiscal year, GoPro expects operating expenses to remain below $570 million. On a Non-GAAP basis, operating expenses are projected to stay under $495 million.
In terms of stock performance, GoPro opened at $8.05 on the Nasdaq Exchange on Thursday. By the end of the day, the stock closed at $8.26, reflecting a gain of 0.23 points or 2.86%. In after-hours trading, the stock climbed further, rising by $1.03 to $9.29, representing an increase of 12.47%. Over the past 52 weeks, GoPro's stock has traded between a high of $17.68 and a low of $7.14.
These results underscore GoPro's ongoing efforts to regain its footing in a challenging market environment. Investors will be closely watching future quarters to see if this positive momentum can be sustained.
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