GoPro falls on gross margin forecast, lockup expiration
GoPro’s (GPRO) first-quarter guidance was a no-no to investors, who sold off shares in the action camera maker on Friday. GoPro late Thursday reported fourth-quarter results that easily beat Wall Street’s targets. But its earnings forecast was a little light, prompting the sell-off. For the quarter, GoPro earned 99 cents a share excluding items, up 200% from the year-earlier quarter, on sales of $634 million, up 75%. Analysts polled by Thomson Reuters expected the maker of Hero-brand wearable cameras to earn 70 cents a share ex items on sales of $580 million. For Q1, GoPro expects earnings per share of 16 cents on sales of $335 million, based on the midpoint of its guidance. Wall Street was modeling 17 cents a share ex items, up 42%, on $325 million in sales, up 38%. Besides the EPS guidance miss, GoPro investors were shocked by the resignation of Chief Operating Officer Nina…