GoPro stock skidded Friday, a day after the wearable camera company reported disappointing data on shipments, but CEO Nick Woodman said the market is “far from saturated.”
The company reported Thursday that shipments fell to 730,000 units in the first quarter. Wall Street was expecting 805,000, according to StreetAccount.
The company also reported:
- Loss per share: 44 cents vs. 45 cents expected, according to Thomson Reuters
- Revenue: $219 million vs. $208 million expected, according to Thomson Reuters
The shipment figure represents a roughly 45 percent decline from what GoPro shipped in the comparable quarter in 2015. At the time, it had been the company’s third-consecutive quarter in which it had shipped more than 1 million devices.
The stock was down more than 6 percent Friday afternoon.
In an interview on CNBC’s “Squawk Alley,” Woodman said company data show that “a very large percentage” of customers who bought the company’s new Hero 5 camera had never owned a GoPro product before.
He said the company has shifted its focus to its premium products, contributing to a 13 percent year-over-year increase in the average selling price of GoPro products.
He hopes that the strategy will help return the company to profitability.
“We have a very strong product roadmap both in hardware and in software,” Woodman said. “Consumers and investors should expect continued innovation and terrific solutions from GoPro going forward.”
Last month, the company cut 270 jobs.
Woodman said he doesn’t anticipate additional layoffs.