GoPro, Inc. (NASDAQ: GPRO) announced that it affirms 2017 first quarter revenue to be in the upper end of its previously announced $190-210 million range and repeated its target of full-year non-GAAP profitability. The Company also announced a restructuring that reduces full-year GAAP operating expenses to below $585 million and non-GAAP operating expenses to below $495 million without impacting the Company’s roadmap for new hardware and software products.
GoPro will host a conference call with analysts at 2:30 p.m. Pacific Time (5:30 p.m. Eastern Time) today to discuss the Company’s announcements. Webcast details are listed below. GoPro will release its financial results for its first quarter, ended March 31, 2017, after the market closes on April 27, 2017.
“We’re determined that GoPro’s financial performance match the strength of our products and brand. Importantly, expense reductions preserve our product roadmap and we are tracking to full-year non-GAAP profitability in 2017,” said GoPro Founder and CEO, Nicholas Woodman.
The reduction in operating expenses is achieved with a combination of cuts to program costs, headcount and open positions, totaling the elimination of approximately 270 positions. GoPro estimates that it will incur total aggregate charges of up to $10 million for the restructuring, which are primarily cash expenditures related to severance costs. The Company expects to recognize the restructuring charges in the first quarter of 2017.
“Today we are updating revenue guidance for the first quarter of 2017. We now expect to deliver revenue in the upper end of our guidance range of between $190 million and $210 million,” said GoPro Chief Financial Officer, Brian McGee. “We currently have no need to draw on our credit facility and we expect to be EBITDA positive for full-year 2017.”
About GoPro, Inc. (NASDAQ: GPRO)
GoPro, Inc. is transforming the way people capture and share their lives. What began as an idea to help athletes self-document themselves engaged in sport, GoPro has become a mobile storytelling solution that helps the world share itself through immersive content. GoPro, HERO, Karma and their respective logos are trademarks or registered trademarks of GoPro, Inc. in the United States and other countries. All other trademarks are the property of their respective owners. For more information, visit www.gopro.com or connect with GoPro on Facebook, Instagram, LinkedIn, Pinterest, Twitter, YouTube, and GoPro’s The Inside Line.
