RTTNews | Feb 5, 2021 12:43AM EST

00:43 Friday, February 5, 2021 (RTTNews.com) - Shares of GoPro, Inc. (GPRO) declined around 12 percent in the extended trading after the company reported weak fourth-quarter results. Earnings topped analysts' estimates, while revenues missed view. However, the number of subscribers climbed from last year.

The company reported fourth-quarter net income of $44.41 million or $0.28 per share, down 53.6 percent from last year's $95.82 million or $0.65 per share.

Adjusted net income was $61.06 million or $0.39 per share, compared to $102.50 million or $0.70 per share a year ago.

Revenue for the quarter fell 32.2 percent to $358 million from last year's $528.35 million.

On average, analysts polled by Thomson Reuters expected earnings of $0.38 per share on revenues of $373.6. Analysts' estimates typically exclude special items.

The company ended the quarter with 761,000 GoPro subscribers, up 145 percent from last year.

Brian McGee, GoPro CFO and COO, said, "Our subscription-based consumer-direct strategy is proving to be successful and we look forward to continued gains in 2021."

GPRO closed Thursday's trading at $10.37, down 1.2 percent. The shares further declined 11.5 percent in the after hours trading to $9.18.

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