GoPro just reported first-quarter earnings that missed on profits, but beat on revenues.
The maker of portable cameras posted a wider-than-expected adjusted loss per share of $0.63, on revenues of $183.5 million. Analysts had forecast that the earned $169.1 million in revenues, and lost an adjusted $0.59 per share, according to Bloomberg.
The market for the portable cameras that GoPro is known for has become increasingly saturated, prompting some concern from analysts about the company’s ability to compete well.
In January, GoPro announced that it was cutting 7% of its workforce. It also announced preliminary results for the prior quarter that were worse than forecast because of slow sales.
GoPro shares closed down 6% in regular trading on Thursday. They have tumbled 70% since the company went public in July 2014.
More to come …