Shares of GoPro, Inc. (NASDAQ:GPRO) [Detail Analytic Report] slightly up 0.44% during pre-market trading session on Thursday as the wearable action camera maker is expected to swing back to a Q1 loss when it announces financial results after the close of trading session on Thursday, according to MarketWatch. In Last quarter Gopro reported loss of 8 cent that was GoPro’s first loss a public firm, following several quarters of profitability. Q1 loss is expected to be much worse, as the firm struggles to offload its newer Hero cameras. In January, it revealed plans to cut 7% of its workforce in a cost cutting move, but its revenue this quarter is anticipated to be GoPro’s lowest since its 2014 initial public offering.
GoPro has struggled to turn around sales amid a number of recent product failures, such as the failed launch of the cubed-shape Session previous summer. But some analysts are shifting their focus to the release of the Karma drone later 2016, which they believe could help to stem bleeding sales. Sell-side analysts polled by FactSet expect GoPro to announce a loss of 59 cents, compared with a year-earlier profit of 24 cents. GoPro has trailed both the FactSet and Estimize consensus numbers in the previous two consecutive quarters. The firm is expected to report revenue of $169 million, compared to $363 million previous year, according to the FactSet estimate.
Michael Pachter, analyst at Wedbush who has a buy rating stated in a note that GoPro’s stock is at an inflection point, meaning the new products it has in the pipeline, such as the Karma drone and Hero 5 that are anticipated to hit store shelves in 2016, might help to lift shares over the near term. Pachter reiterated a $13 price target on GoPro stock.
Under Armour, Inc. (NYSE:UA) [Detail Analytic Report] revealed organizational changes to its senior management team. Henry Stafford, Chief Merchandising Officer, has decided to quit Under Armour after six years of service. Stafford first joined the firm in 2010, leading the Firm’s Apparel team, eventually becoming President of North America, before his selection to Chief Merchandising Officer in December 2014. He will be leaving the firm in July 2016.
Kevin Plank, Founder and Chief Executive of Under Armour stated that since joining them in 2010, Henry has been an incredible partner and helped them build their brand and tell their story. First through his leadership in Apparel, then by heading up their North America business, and most recently by driving merchandising of their products throughout the world. He would like to thank Henry for his strong leadership and contributions during the past years. Kip Fulks will assume the Chief Merchandising Officer responsibilities on an interim basis. In November 2015, the firm reported that Fulks was assuming a new role at the firm, focusing on major development areas for the business. In that capacity he assumed oversight responsibility for all worldwide marketing efforts across the firm while leading the firm’s search efforts for a new Chief Marketing Officer. Fulks will now extend his responsibilities to include oversight of product, innovation and merchandising.
Plank stated that he want to take this opportunity to thank Robin for his vision and leadership in building the Under Armour Connected Fitness community from the ground up, helping them grow from the original MapMyFitness platform, to what has now become the largest digital health and fitness community in the world, with more than 160 million unique registered users across multiple platforms.
KAR Auction Services, Inc. (NYSE:KAR) [Detail Analytic Report] declared a cash dividend of $0.29 a share on the firm’s common stock. The dividend is to be paid on July 5, 2016, to investors of record as of the close of trading session on June 22, 2016. Moreover, KAR Auction Services declared earnings of $60.7 million in its first quarter.
KAR Auction Services reported that it had profit of 44 cents a share. Earnings, revised for amortization costs and to extinguish debt, were 55 cents a share. The results topped Wall Street outlooks. The average estimate of experts polled by Zacks Investment Research was for earnings of 51 cents a share. The firm posted revenue of $745 million in the quarter also beat Street forecasts.
According to analysts polled by Zacks has expected $692 million. KAR Auction Services expects full-year earnings in the range of $2.03 to $2.18 a share. Shares of KAR Auction Services have dropped nearly 2 percent since the starting of the year.