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GPRO

GoPro

$9.83

0.02 (0.20%)

10:33
11/30/16
11/30
10:33
11/30/16
10:33

GoPro rises after announcing plans to cut 15% of workforce amid sales decline

Shares of GoPro (GPRO) climbed after the company said it would cut about 15% of its workforce and close its entertainment division amid a continued sales decline. At the same time, GoPro said it experienced "solid" holiday demand in the U.S. for its HERO5 action camera. RESTRUCTURING: GoPro reported this morning that it will restructure its business, eliminating more than 200 full-time positions from its workforce as well as the cancellation of open positions, resulting in a total workforce reduction about 15%. The restructuring effort, which also includes the closure of GoPro's entertainment division and facilities reductions, will lower 2017 adjusted operating expenses to about $650M and allow GoPro achieve its goal of returning to adjusted profitability in 2017. GoPro expects to incur about $24M-$33M in restructuring charges, including $13M-$18M of cash expenditures from the workforce reduction and $11M-$15M of non-cash expenditures. Most of the charges are expected to be recognized in the fourth quarter. DEPARTURE OF PRESIDENT: GoPro also announced this morning that President Tony Bates, the former CEO of Skype and a Microsoft (MSFT) executive, will depart the company at the end of the year. HERO5: The company also announced that its camera unit sales for the Black Friday week were up over 35% year-over-year at U.S. retailers, adding that Thanksgiving through Cyber Monday sales of camera units at GoPro.com were up approximately 33% year-over-year. According to NPD Group, HERO5 Black has been the best-selling digital imaging device in the U.S. since its launch on October 2. WHAT'S NOTABLE: Earlier this month on its quarterly earnings conference call, GoPro CEO Nick Woodman said the company would cut $130M in operational expenditures in 2017. Woodman said this morning the company has "a lot of work to do to finish the quarter and our fiscal year," but noted that the HERO5 cameras "have been very well-received by critics and consumers alike." GoPro recently said it would recall 2,500 of its Karma drones due to power loss problems. GoPro's sales declined for the last four quarters, but it previously said it expects double digit year-over-year revenue growth in fiscal 2017. PRICE ACTION: GoPro is up over 4% in morning trading to $10.25, though shares are down about 43% year-to-date.

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GPRO GoPro
$9.83

0.02 (0.20%)

11/09/16
RAJA
11/09/16
DOWNGRADE
RAJA
Market Perform
GoPro downgraded to Market Perform from Outperform at Raymond James
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
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

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.

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WDC

Western Digital

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Ford

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MU

Micron

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ESGR

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TRUE

TrueCar

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TWI

Titan International

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ANET

Arista Networks

$93.86

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$23.96

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HPE

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DPSGY

Deutsche Post

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0.015 (0.05%)

05:03
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DLLLY

Delta Lloyd

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SSREY

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ZURVY

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AV

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BHP

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RIO

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KMI

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