By Will Feuer
Shares of GoPro rose after the wearable-camera maker reported third-quarter results that topped Wall Street analysts’ expectations.
The stock rose 14% to $3.05 in morning trading. Shares are still down about 39% this year.
The company, based in San Mateo, Calif., reported third-quarter sales of $294.3 million, down 4% from last year but above the $281.5 million that two analysts had forecast.
GoPro swung to a quarterly loss of $3.7 million, or 2 cents a share, from a profit of $17.6 million, or 10 cents a share, a year ago. Adjusted earnings of 4 cents a share topped analysts’ forecasts of 2 cents a share.
Chief Executive Nicholas Woodman said the company has been focusing on its partnerships with brick-and-mortar retailers, a move that he says is paying off. The company has also been rolling out lower-priced, entry-level models that are expanding the market for GoPro cameras, said Chief Operating Officer Brian McGee, who also serves as chief financial officer.
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