- GoPro (NASDAQ:GPRO) has used its Q4 report to guide for Q1 revenue of $160M-$180M (far below a $298M consensus) and 2016 revenue of $1.35B-$1.5B (below a $1.61B consensus).
- The company also discloses CFO Jack Lazar is leaving. GoPro's new CFO is Brian McGee, who joined the company last year after serving as the VP of Business Operations for Qualcomm's Atheros Wi-Fi chip unit. McGee has also served as the CFO of Lexar Media.
- Though officially missing consensus, Q4 revenue ($436.6M) was slightly above the guidance provided in GoPro's Jan. 13 warning ($435M). Give the Q4 consensus doesn't fully account for the warning, the Q1 consensus likely doesn't either.
- GoPro is halted. Video processor supplier Ambarella (AMBA) has fallen to $35.10 after hours.
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Results/guidance details: GoPro shipped 2M cameras in Q4, down 16.1% Y/Y. 66.6% of revenue was direct vs. 61.8% a year ago. Americas, EMEA, and Asia-Pac revenue all fell Y/Y.
Non-GAAP gross margin, hurt in Q4 by a $30M-$35M charge and "price protection" actions, fell to 29.6% from 46.8% in Q3 and 48% a year ago. Q1 GM guidance is at 35% (+/- 100 bps), still well below Q1 2015's 45.2%. In spite of job cuts, non-GAAP opex is expected to be at $165M-$170M, up from $115.1M a year ago.
1.5M shares have been repurchased through GoPro's buyback program at an average price of $23.05 (over 2x current levels). The company ended Q4 with $474M in cash and no debt.
GoPro states its Q4 U.S. digital camera/camcorder share (per NPD) rose 180 bps Y/Y to 21.3%, and that its European digital imaging share rose 400 bps to 12%. The GoPro mobile app was downloaded 2.75M times, bringing cumulative downloads to nearly 24M.
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GoPro's Q4 results, earnings release
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Update (5:19PM ET): After coming off its halt, GoPro is down 9.8% after hours. Ambarella has pares its losses: Shares are now down 2.6%.
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Update 2 (5:37PM ET): The post has been updated to include additional details about GoPro's results and guidance.