GoPro surges after cost cuts lead to earnings beat
Thomson Reuters
A skier wears a GoPro camera on his helmet as he rides down the slopes in the ski resort of Meribel.
Second-quarter sales totaled $296.5 million, up 34% from the previous year, while the adjusted loss for the period was $0.09 per share, beating analyst estimates of a $0.25 per share deficit. GoPro also said third-quarter revenue will be between $290 million and $310 million, above the consensus forecast of $277.8 million.
"GoPro is building momentum," founder and CEO Nicholas Woodman said in a statement. "Strong demand combined with our cost management and margin initiatives contributed to GoPro's EBITDA positive performance in the second quarter."
The spike is welcome news for GoPro investors, who have seen the stock trade sideways for the past four months following a 58% decline from a nine-month high reached in September 2016.
Following the second-quarter earnings news, shares of GoPro spiked 13% to $9.35 a share as of 4:23 pm ET.
Get the latest GoPro stock price here.
Next Story
Three new IPOs opening this week — Paradeep Phosphates, Ethos, eMudhra while LIC to list on exchanges tomorrow
Check out these top toy jeep for kids to play
Iran has shut down nearly 7,000 illegal crypto mining operations as it looks to solve its energy crisis
Vodafone Idea shares soar 13% on narrowing losses, rising ARPU
Crypto mystery: Around $3.5 billion worth of Bitcoin in Terra has just disappeared
