GoPro, Inc. (NASDAQ: GPRO) reported its most recent quarterly results after markets closed Thursday. The company reported that it had a net loss of $0.04 per share and $285.9 million in revenue, compared with consensus estimates that called for a net loss of $0.07 per share and $271.9 million in revenue. The same period from last year had $0.15 in EPS and $329.81 million in revenue.
During the quarter, GoPro Plus subscription service reached 185,000 active paying subscribers by the end of Q3 2018, up 16% sequentially.
Social followers increased by 997,000 in the quarter to approximately 37.4 million driven primarily by increases on YouTube and Instagram. Also GoPro content achieved 142 million organic video views in Q3, up 9% sequentially.
At the end of the quarter, cash and investments totaled $148 million, versus 247 million at the end of the previous fiscal year.
Nicholas Woodman, founder and CEO, commented:
GoPro completed a successful third quarter highlighted by a very strong reception and global demand for HERO7 Black. We expect to achieve profitability in Q4 and for the second-half of 2018, and exit the year with low channel inventory to be well positioned for Q1 2019.
Shares of GoPro closed Thursday at $7.18, with a consensus analyst price target of $6.58 and a 52-week range of $4.42 to $9.60. Following the announcement, the stock was down about 13.5% at $6.21 in early trading indications Friday.