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GoPro shares fell 11 pct to $42.70 in extended
trading after its first financial results since its initial
public offering in June.
Research and development spending more than doubled to $34.7
million while costs from its Nasdaq share market listing pushed
up general expenses.
The net loss attributable to GoPro stockholders grew to $19.8
million, or 24 cents per share, in the second quarter from $5
million, or 6 cents.
Excluding items, GoPro earned 8 cents per share and the company
said it expected a seasonally stronger second half.
CFO Jack Lazar forecast earnings of 6-8 cents per share in the
current quarter on revenue of between $255 million and $265
million.
This is higher than the $244.6 million revenue reported in the
second quarter, but that 38 percent jump in sales was offset by
operating expenses of $119.5 million, almost double a year
earlier.
Operating expenses would drop back to between $92.5 million and
$95 million in the current quarter, Lazar told analysts on a
conference call.
Videos taken using GoPro cameras have made a big splash on the
Internet. Its videos attracted more than 1 billion views in the
first quarter on YouTube, where its channel has 2 million
subscribers, the California-based company said in June.
Up to Thursday's close, GoPro shares had doubled from its IPO
price to $46.32.
(Reporting by Abhirup Roy and Lehar Maan; Editing by Rodney
Joyce)
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