Net income was cut 54% to $44,413,000 from $95,820,000 in the final quarter on revenues that lost 32% to $357,772,000 from $528,345,000 reflecting the action camera maker’s change in business model to a lower volume DTC focus. The shift toward higher end cameras was reflected in a 14% gain in street ASP to $323, while models retailing over $300 announced for 91% of the quarter’s revenue. Camera unit sell-through topped 1.2 million units for Q4, helping to reduce channel inventory by about 10% sequentially and more than 50% for the full year.
The digital channel hit a record $116 million in ... Log in to view full article.