We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
GoPro (GPRO) Swings to Loss in Q1, Revenues Decline Y/Y
Read MoreHide Full Article
GoPro, Inc (GPRO - Free Report) reported first-quarter 2023 non-GAAP loss of 18 cents per share, wider than the Zacks Consensus Estimate of a loss of 15 cents. The company had reported earnings of 9 cents in the year-ago quarter.
GoPro generated revenues of $174.7 million, down 19% from the year-ago quarter’s levels. However, the top line beat the consensus mark by 5.6%. GPRO’s pricing actions impacted performance of the top and bottom lines in the reported quarter.
Quarter in Details
GoPro shipped 462 million camera units during the reported quarter, down 11.7% year over year.
GPRO recorded 2.36 million subscribers, marking 36% year-over-year growth at the end of the reported quarter. Quik subscribers soared 12% to 289,000 from the prior-year quarter.
Region-wise, revenues from the Americas totaled $89.5 million (51.3% of total revenues), down 13% from the year-ago quarter’s levels. Revenues from Europe, the Middle East and Africa were $46 million (26.3%), down 25% year over year. The Asia Pacific generated revenues of $39.2 million (22.4%), down 25%.
Based on channels, revenues from GoPro.com were $94.9 million (54.3% of total revenues), up 7% year over year. In the GoPro.com channel, hardware revenues totaled $71.7 million compared with $70 million in the prior-year quarter. Subscription revenues amounted to $23.2 million, up 24.7% year over year.
Retail channel generated revenues of $79.8 million (45.7%), down 37.7% from the year-ago quarter’s levels.
The company had $154.8 million in inventory compared with $119.4 million in the year-ago quarter.
Other Details
Gross profit was $52.5 million, down 42% year over year. Total operating expenses were $92.3 million, up 12.2% year over year. Operating loss totaled $39.8 million against the operating income of $8.2 million in the prior-year quarter.
Non-GAAP gross margin was 30.3% compared with 42% in the year-ago quarter. Adjusted EBITDA loss was $27.5 million against the adjusted EBITDA income of $20.7 million in the year-ago quarter mainly due to the company’s new product pricing strategy that resulted in $24 million in price protection charges.
Cameras with suggested retail prices at or above $400 contributed 87% to revenues in the reported quarter compared with 92% in the prior-year quarter.
Cash Flow & Liquidity
In the quarter under review, GoPro used $67.1 million of net cash from operating activities compared with $73.4 million in the year-ago period.
As of Mar 31, the company had $157.8 million of cash and cash equivalents with $141.3 million of long-term debt.
GPRO repurchased $5 million worth of shares.
Guidance
For the second quarter of 2023, revenues are estimated to be $220 million (+/- $5 million). Non-GAAP adjusted loss is expected to be 7 cents per share (+/- 2 cents).
Gross margins are anticipated to be 33.5% (+/- 50 basis points). Street ASP is projected to be nearly $360.
The Zacks Consensus Estimate for Badger Meter’s 2023 earnings has increased 4.7% in the past 60 days to $2.69 per share. BMI’s earnings beat the Zacks Consensus Estimate in the last four quarters, the average being 5.3%. Shares of BMI have surged 77.8% in the past year.
The Zacks Consensus Estimate for WTS’s 2023 earnings has increased 4.8% in the past 60 days to $7.16 per share. The long-term earnings growth rate is expected to be 8%.
WTS earnings beat the Zacks Consensus Estimate in the last four quarters, the average surprise being 16.3%. Shares of WTS have gained 29.1% in the past year.
The Zacks Consensus Estimate for Blackbaud’s 2023 earnings is pegged at $3.53 per share, up 2.9% in the past 60 days. The long-term earnings growth rate is anticipated to be 10.4%.
Blackbaud’s earnings beat the Zacks Consensus Estimate in the last four quarters, the average being 10.4%. Shares of BLKB have increased 41.5% in the past year.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
GoPro (GPRO) Swings to Loss in Q1, Revenues Decline Y/Y
GoPro, Inc (GPRO - Free Report) reported first-quarter 2023 non-GAAP loss of 18 cents per share, wider than the Zacks Consensus Estimate of a loss of 15 cents. The company had reported earnings of 9 cents in the year-ago quarter.
GoPro generated revenues of $174.7 million, down 19% from the year-ago quarter’s levels. However, the top line beat the consensus mark by 5.6%. GPRO’s pricing actions impacted performance of the top and bottom lines in the reported quarter.
Quarter in Details
GoPro shipped 462 million camera units during the reported quarter, down 11.7% year over year.
GPRO recorded 2.36 million subscribers, marking 36% year-over-year growth at the end of the reported quarter. Quik subscribers soared 12% to 289,000 from the prior-year quarter.
GoPro, Inc. Price, Consensus and EPS Surprise
GoPro, Inc. price-consensus-eps-surprise-chart | GoPro, Inc. Quote
Region-wise, revenues from the Americas totaled $89.5 million (51.3% of total revenues), down 13% from the year-ago quarter’s levels. Revenues from Europe, the Middle East and Africa were $46 million (26.3%), down 25% year over year. The Asia Pacific generated revenues of $39.2 million (22.4%), down 25%.
Based on channels, revenues from GoPro.com were $94.9 million (54.3% of total revenues), up 7% year over year. In the GoPro.com channel, hardware revenues totaled $71.7 million compared with $70 million in the prior-year quarter. Subscription revenues amounted to $23.2 million, up 24.7% year over year.
Retail channel generated revenues of $79.8 million (45.7%), down 37.7% from the year-ago quarter’s levels.
The company had $154.8 million in inventory compared with $119.4 million in the year-ago quarter.
Other Details
Gross profit was $52.5 million, down 42% year over year. Total operating expenses were $92.3 million, up 12.2% year over year. Operating loss totaled $39.8 million against the operating income of $8.2 million in the prior-year quarter.
Non-GAAP gross margin was 30.3% compared with 42% in the year-ago quarter. Adjusted EBITDA loss was $27.5 million against the adjusted EBITDA income of $20.7 million in the year-ago quarter mainly due to the company’s new product pricing strategy that resulted in $24 million in price protection charges.
Cameras with suggested retail prices at or above $400 contributed 87% to revenues in the reported quarter compared with 92% in the prior-year quarter.
Cash Flow & Liquidity
In the quarter under review, GoPro used $67.1 million of net cash from operating activities compared with $73.4 million in the year-ago period.
As of Mar 31, the company had $157.8 million of cash and cash equivalents with $141.3 million of long-term debt.
GPRO repurchased $5 million worth of shares.
Guidance
For the second quarter of 2023, revenues are estimated to be $220 million (+/- $5 million). Non-GAAP adjusted loss is expected to be 7 cents per share (+/- 2 cents).
Gross margins are anticipated to be 33.5% (+/- 50 basis points). Street ASP is projected to be nearly $360.
Zacks Rank & Stocks to Consider
GoPro currently has a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader technology space are Badger Meter (BMI - Free Report) , Watts Water Technologies (WTS - Free Report) and Blackbaud (BLKB - Free Report) . BMI and BLKB carry a Zacks Rank #1 (Strong Buy) whereas WTS currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Badger Meter’s 2023 earnings has increased 4.7% in the past 60 days to $2.69 per share. BMI’s earnings beat the Zacks Consensus Estimate in the last four quarters, the average being 5.3%. Shares of BMI have surged 77.8% in the past year.
The Zacks Consensus Estimate for WTS’s 2023 earnings has increased 4.8% in the past 60 days to $7.16 per share. The long-term earnings growth rate is expected to be 8%.
WTS earnings beat the Zacks Consensus Estimate in the last four quarters, the average surprise being 16.3%. Shares of WTS have gained 29.1% in the past year.
The Zacks Consensus Estimate for Blackbaud’s 2023 earnings is pegged at $3.53 per share, up 2.9% in the past 60 days. The long-term earnings growth rate is anticipated to be 10.4%.
Blackbaud’s earnings beat the Zacks Consensus Estimate in the last four quarters, the average being 10.4%. Shares of BLKB have increased 41.5% in the past year.