Shares of GoPro experienced a 14% increase, reaching $3.05 in morning trading following the release of their third-quarter results. Despite a year-to-date decline of 39%, the wearable-camera maker impressed Wall Street analysts with their performance.
The San Mateo-based company recorded third-quarter sales of $294.3 million, slightly lower than the previous year but surpassing the $281.5 million estimated by two analysts. Although GoPro reported a quarterly loss of $3.7 million (or 2 cents per share), compared to a profit of $17.6 million (or 10 cents per share) in the same period last year, the adjusted earnings of 4 cents per share exceeded analysts’ expectations of 2 cents per share.
GoPro’s Chief Executive, Nicholas Woodman, attributed the company’s success to its focus on partnerships with brick-and-mortar retailers. This strategic move has evidently paid off. Additionally, Chief Operating Officer Brian McGee, also serving as Chief Financial Officer, highlighted how the introduction of lower-priced, entry-level models has expanded the market for GoPro cameras.
Overall, GoPro’s third-quarter results reflect significant progress and demonstrate their ability to adapt and thrive in a competitive market.