GoPro said Thursday that revenue and gross margin for the third quarter are expected to be at the high end of their previously announced ranges.

The struggling action camera maker sees Q3 revenue of $290 million to $310 million and gross margins at 36 to 38 percent.

GoPro also forecasts a profitable third quarter on a non-GAAP basis.

News of the announcement sent its stock surging about 16 percent in premarket trading.

“We set some stretch forecasts at the beginning of the year to be profitable on a non-GAAP basis for all of 2017 and post double-digit revenue growth. And we expect to do that,” GoPro Chief Operating Officer CJ Prober told CNBC’s “Squawk Box,” moments after the company made the announcement about its outlook.

On Aug. 3, the company issued a smaller-than-expected second-quarter loss and better-than-expected revenue.

Shares spiked 27 percent higher in the three days following the report. But since their recent closing high on Aug. 8, shares lost more than half of those gains as of Wednesday’s close.

The stock first came under serious pressure two years ago, following a series of missteps including a delay in the launch of its Karma drone and production issues with its Hero5 camera.

“The bigger picture even beyond this quarter is that were seeing really strong consumer demand for our products and were successfully turning the business around,” said Prober.

GoPro debuted on the Nasdaq in June 2014 after being priced at $24 per share. The stock jumped nearly 31 percent on first day of trading. On Oct. 7, 2014, GoPro closed at its all-time high of nearly $94 per share. Since then, the stock has lost about 90 percent of its value as of Wednesday’s close of $8.90 per share.