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GPRO

GoPro

$9.83

0.02 (0.20%)

07:04
11/30/16
11/30
07:04
11/30/16
07:04

GoPro announces restructuring, workforce reduction of 15%

GoPro announced a company-wide restructuring that will reduce full-year 2017 non-GAAP operating expenses to approximately $650M (GAAP: $735M) and achieve its goal of returning to non-GAAP profitability in 2017. The restructuring includes the closure of its entertainment division, facilities reductions, and the elimination of more than 200 full-time positions plus the cancelation of open positions for a reduction in force of approximately 15%. Additionally, Tony Bates will depart his position as president of the company at the end of the year. "My time at GoPro has been an incredible experience," said Tony Bates. "In the past three years, GoPro has seen enormous progress in camera technology, software and international growth. Today GoPro has a solid leadership team deeply focused on its core business and profitability." GoPro estimates that it will incur total aggregate charges of approximately $24M-$33M for the restructuring, including approximately $13M-$18M of cash expenditures as a result of the workforce restructuring, substantially all of which are severance costs, and approximately $11M-$15M of non-cash expenditures, consisting primarily of stock-based compensation expense and accelerated depreciation associated with office consolidations. The company expects to recognize most of the restructuring charges in Q4 2016. "Consumer demand for GoPro is solid and we've sharply narrowed our focus to concentrate on our core business," said Nicholas Woodman. "We are headed into 2017 with a powerful global brand, our best ever products, and a clear roadmap for restored growth and profitability in 2017."

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GPRO GoPro
$9.83

0.02 (0.20%)

11/09/16
11/09/16
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. JPMorgan (JPM) downgraded to Neutral from Outperform at Baird with analyst David George noting the stock's outperformance and the higher re-rating of its valuation multiple. 2. GoPro (GPRO) downgraded to Neutral from Outperform at Wedbush, to Market Perform from Outperform at Raymond James, and to Sell from Neutral at Dougherty. 3. Universal Health (UHS) downgraded to Neutral from Buy at BofA/Merrill, to Neutral from Buy at Mizuho, and to Market Perform from Outperform at Avondale. 4. Globus Medical (GMED) downgraded to Market Perform from Outperform at JMP Securities, to Perform from Outperform at Oppenheimer, and to Market Perform from Outperform at William Blair. 5. Delphi (DLPH) and Magna (MGA) were downgraded to Underperform from Buy at BofA/Merrill while the firm downgraded Lear (LEA), American Axle (AXL), Adient (ADNT), and BorgWarner (BWA) to Underperform from Neutral. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
11/09/16
DOTC
11/09/16
DOWNGRADE
DOTC
Sell
GoPro downgraded to Sell from Neutral at Dougherty
Dougherty downgraded GoPro to Sell from Neutral and lowered its price target to $6 following the drone recall. The analyst is concerned about management's multiple operational stumbles, weak Hero 5 demand, and elevated valuation.
11/09/16
11/09/16
DOWNGRADE

Market Perform
GoPro downgraded to Market Perform after drone recall at Raymond James
As previously reported, Raymond James downgraded GoPro to Market Perform from Outperform following the company's announcement of an immediate recall of the roughly 2,500 Karma drones purchased since launch on October 23.. Analyst Tavis McCourt is concerned about GoPro's brand image following a 12-18 month period of product management missteps and its ability to broaden its product portfolio into different areas. McCourt didn't make any changes to 2016 estimates but is less comfortable in potential upside and sustainability of growth in 2017 and beyond.
11/09/16
RAJA
11/09/16
DOWNGRADE
RAJA
Market Perform
GoPro downgraded to Market Perform from Outperform at Raymond James

TODAY'S FREE FLY STORIES

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NVS

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PFE

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0.17 (0.54%)

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EKSO

Ekso Bionics

$4.27

-0.11 (-2.51%)

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ADSK

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1.35 (1.95%)

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SGEN

Seattle Genetics

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FTI

FMC Technologies

$35.60

0.9 (2.59%)

, TKPPY

Technip

$17.80

0.45 (2.59%)

16:21
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FTI

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TKPPY

Technip

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ALNY

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ADRO

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TRIL

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BLUE

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BLCM

Bellicum Pharmaceuticals

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ALNY

Alnylam

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PFE

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SGEN

Seattle Genetics

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RHHBY

Roche

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15:21
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JUNO

Juno Therapeutics

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