November 23, 2017
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Action camera maker GoPro reports bigger loss as costs double

By Reuters
Updated:
MIKE SEGAR | REUTERS | BDN
MIKE SEGAR | REUTERS | BDN
A GoPro Hero 3+ camera is seen at the Nasdaq Market Site before before GoPro Inc.'s IPO on June 26 in New York City.

GoPro Inc., which makes wearable cameras used by surfers, skydivers and other action junkies to post their exploits online, reported a bigger quarterly loss as costs nearly doubled.

GoPro shares fell 9.3 percent to $43.50 in extended trading.

The company spent $34.7 million on research and development in the quarter, more than double a year earlier, while general expenses jumped nearly six times to $41.2 million.

The net loss attributable to GoPro stockholders widened to $19.8 million in the second quarter from $5 million a year earlier, in the company’s first quarterly results after its debut on the Nasdaq last month.

The company said revenue jumped 38 percent to $244.6 million in the quarter but operating expenses rose to $119.5 million from $62.8 million a year earlier.

Videos taken using the company’s wearable cameras have made a big splash on the Internet. The company said in June its videos attracted more than 1 billion views in the first quarter on YouTube, where its channel has 2 million subscribers.

San Mateo, California-based GoPro went public late last month with shares jumping as much as 38 percent in their first day.

Up to Thursday’s close, GoPro shares had doubled to $46.32 from its IPO price.

 


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