GoPro Results Disappoint In Q3

(RTTNews) - Admitting that business was more difficult than expected during the period, GoPro, Inc. (GPRO) reported third-quarter results that came in below Wall Street's projections. This despite an adjusted profit that more than doubled from last year and revenue growth that topped 40 percent.

The company said its income rose to $18.8 million for the three-month period, up from $14.6 million last year.

Leaving off one-time items, the company's adjusted profit more than doubled to $36.6 million, or $0.25 per share. GoPro's adjusted profit totaled $18 million, or $0.12 per share, in last year's third quarter.

Still, the bottom line was not as strong as Wall Street experts had anticipated. Analysts had expected earnings to rise to $0.29 per share, according to figures compiled by Thomson Reuters.

The company reported revenue of $400.3 million, up from $280 million in the same period last year. Revenues also fell short of expectations. Analysts had projected more than 50 percent top-line growth, with the figure projected to top $433 million.

Commenting on the quarter, GoPro Founder and CEO Nicholas Woodman said "our business in the third quarter was clearly more difficult than anticipated."

Still, he tried to put an optimistic spin on the results, saying the company is entering the holiday season with "industry-leading lineup," as well as "great software solutions and a globally-recognized brand."