Action camera maker GoPro Inc. (GPRO) on Monday reported a wider first-quarter loss, as weaker camera demand hurt revenues and margins.
Net loss widened to $80.82 million, or $0.50 loss per share, from a net loss of $46.71 million, or $0.30 loss per share, in the year-ago quarter.
Adjusted net loss widened to $57.68 million, or $0.35 loss per share, from a net loss of $19.44 million, or $0.12 loss per share, last year.
Revenue declined 26% to $99.07 million from $134.31 million a year earlier, primarily due to lower hardware sales.
Hardware revenue fell 32.8% to $72.15 million, while subscription and services revenue was flat at $26.92 million.
Camera sell-through declined 29% year-over-year to about 313,000 units. Gross margin fell sharply to 4.3% from 32.1% last year, reflecting a $24.5 million charge related to component purchase commitments and a $4.5 million sale of slow-moving inventory.
GoPro subscriber count declined 8% year-over-year to 2.26 million at the end of the quarter.
Separately, the company said its board authorized a review of strategic alternatives and engaged a financial advisor to assist with the process.
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