GoPro quarterly income beats on ‘Hero’ digital camera demand, shares rise


FILE PHOTO: A GoPro digital camera is seen on this illustration picture January 9, 2018. Information/Thomas White/Illustration

(Information) – GoPro Inc (GPRO.O) beat analysts’ estimates for third-quarter income on Thursday, boosted by demand for its new Hero digital camera, sending its shares up 11% in after-market buying and selling.

By means of its flagship “HERO” line, the corporate is making an attempt to distinguish its premium-priced choices from smartphones with improved cameras, because it appears to be like to lure again motion junkies.

GoPro launched two new cameras together with a ramped up model of its HERO line in October.

“Each merchandise (HERO8 Black and MAX) seem like unquestionable hits with shoppers and we’re optimistic about their affect on our enterprise going ahead,” Chief Govt Officer Nicholas Woodman mentioned.

The action-camera maker’s income fell about 54% to $131.2 million, beating estimates of $126.four million, in keeping with IBES information from Refinitiv.

The corporate’s internet loss widened to $74.eight million, or 51 cents per share, within the third quarter ended Sept. 30, from $27.1 million, or 19 cents per share, a yr earlier.

Excluding objects, the corporate misplaced 42 cents per share, smaller than the expectations of a lack of 48 cents.

Reporting by Akanksha Rana in Bengaluru; Modifying by Shounak Dasgupta