GoPro reported quarterly results and revenue that beat analysts’ expectations on Thursday.
Here’s how the company did compared to what Wall Street expected:
- Loss per share: 9 cents vs. 25 cents expected, according to Thomson Reuters
- Revenue: $296.5 million vs. $269.6 million expected, according to Thomson Reuters
In the year ago quarter, GoPro reported adjusted earnings of 52 cents on revenue of $220.8 million. Their revenue is up 34 percent year-over-year.
The stock initially soared to 17 percent after the report was released, and is now still up 11 percent.
CEO Nicholas Woodman said GoPro’s strong results were driven by a combination of strong demand and cost saving measures.
Woodman also said the company is on track to return to profitability by the end of 2017. GoPro’s new products are on track to launch later this year, the CEO said.
In July, GoPro began shipping units of its Fusion camera to professional production teams as part of a pilot program. The company said the product allows users to capture “fully immersive virtual reality content.”
Last week, the company launched Quikstories, an editing app that lets GoPro users create shareable videos.
The stock has fallen more than 4 percent so far this year.
Last quarter, shipments missed expectations, partially due to some failed product launches.
GoPro has also instigated company-wide restructuring efforts over the past year, including hundreds of job cuts and a shutdown of the entertainment division.
This is breaking news. Please check back for updates.
Source: Tech CNBC
GoPro shares jump 11% after results top expectations