GoPro Rides Big Wave of Camera Sales, But Shares Wipe Out

TIME

Action camera maker GoPro reported fourth-quarter revenue of $634 million, beating Wall Street’s predictions thanks to strong holiday sales. Here are the key points from Thursday’s earnings release.

What you need to know: GoPro’s $634 million in quarterly revenue improved 75% year-over-year and more than doubled the company’s third-quarter sales of $280 million. The San Mateo, Calif.-based company easily outpaced the expectations of analysts, who predicted revenue of $580 million, according to Thomson Reuters. GoPro closed out 2014 with a 41% increase in annual revenue, to $1.4 billion.

GoPro’s quarterly profits nearly tripled to $122.3 million from $43.7 million during the same period in 2013. The company’s annual profits more than doubled, growing to $128.1 million from $60.6 million a year earlier.

The company also announced that COO Nina Richardson is leaving GoPro at the end of February. The company’s stock dropped more than 15% in after-hours trading following a…

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