Wearable camera maker GoPro's revenue misses estimates, shares drop

(Reuters) - GoPro Inc (GPRO.O) reported a lower-than-expected quarterly revenue as the company struggled with demand for its body-mounted point-of-view cameras during the holiday season.

GoPro, which launched the Hero5 camera and Karma drone in mid-September, also gave a revenue forecast for the current quarter that fell short of analysts' average estimate.

The company's shares fell 11 percent to $9.73 in extended trading on Thursday.

GoPro's net loss widened to $115.7 million, or 82 cents per share, in the fourth quarter ended Dec. 31, from $34.5 million or 25 cents per share, a year earlier.

The latest quarter included $102 million for a full valuation allowance on U.S. deferred tax assets and nearly $37 million for restructuring costs, GoPro said.

The company's revenue rose nearly 24 percent to $540.6 million, but missed analysts' average estimate of $574.5 million, according to Thomson Reuters I/B/E/S.

The average estimate is nearly 14 percent lower than the estimate on Nov. 3, when GoPro first gave its revenue forecast, mainly due to the issues with the company's drone.

GoPro said on Nov. 8 that it would recall about 2,500 Karma drones as they lost power during use, and said on Feb. 1 that it had resumed shipments of the drone.

The company did not sell the Hero5 on Amazon for most of the quarter – from mid-October to end-November – due to pricing disagreements with the online retailer.

(Reporting by Laharee Chatterjee in Bengaluru; Editing by Savio D'Souza)