February 5, 2020 / 11:22 PM / 5 months ago

GoPro holiday quarter revenue, profit misses estimates, shares slide

A GoPro camera is seen on a skier's helmet as he rides down the slopes in the ski resort of Meribel, French Alps, January 7, 2014. REUTERS/Emmanuel Foudrot/File Photo

(Reuters) - Wearable device maker GoPro Inc missed quarterly revenue and profit estimates for its all-important holiday quarter, sending shares down 13% in extended trade on Wednesday.

Fourth-quarter revenue, which rose 40% to $528.3 million, fell short of analysts’ average estimate of $565.9 million.

GoPro launched two new cameras including a ramped-up version of its HERO line in October.

The company has been trying to differentiate its premium-priced devices from smartphones with improved cameras through its flagship HERO line, as it looks to lure back action junkies.

Net income rose to $95.8 million, or 65 cents per share, in the quarter ended Dec. 31, from $31.7 million, or 22 cents per share, a year earlier.

Excluding items, the company reported a profit of 70 cents per share, missing analysts’ average estimate of 79 cents.

Reporting by Ayanti Bera in Bengaluru; Editing by Vinay Dwivedi

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