Awful Year For GoPro Losing More Than $300 million!
GoPro’s awful 2016 can finally be put in terms of dollars. The company just released its fourth quarter earnings.
It turns out the camera-maker operated at a loss of $373 million for the year. While the company did pull in $540 million in revenue in the fourth quarter, the second-best ever for GoPro, and about $100 million more than its awful 2015 holiday season!
GoPro announces a warning phase in its history that 2016 would be rough, financially. GoPro wasn’t even able to meet its own grim revenue estimates - today’s announcement shows that GoPro tallied $1.185 billion in revenue in 2016.
Multiple rounds of layoffs, the closing of departments, and a $102 million charge for valuation allowance on deferred tax assets helped fuel the company’s big loss. GoPro’s stock dropped about 15 percent in after hours trading following the release.