Comping against last year’s disastrous Q1, GPRO net loss expanded to $111,150,000 from $107,459,000 on revenues that increased 19% to $218,614,000 from $183,536,000. Backing out stock-based compensation, acquisition-related costs and restructuring costs, the non-GAAP net loss narrowed to $62,783,000 from a loss of $86,740,000 last year. Gross margin contracted 120 basis points to 31.4% with sales of previously written-down inventory offset by an allowance for future price cuts.

GoPro sees the results as a good first step in its turnaround, which will include higher ASPs driving revenue and expense reductions allowing a return to (non-GAAP) profitability by the end of the ... Log in to view full article.