California-based action camera company GoPro, Inc (GPRO) turned to profit in the second quarter on higher sales. Both earnings and revenue managed to top the Street estimates.
Net income of GoPro was $16.95 million or $0.10 earnings per share compared to a loss of $50.97 million or $0.34 loss per share in the same quarter last year. On an adjusted basis, the income was $19.86 million or $0.12 earnings per share, compared to $29.72 million loss or $0.20 loss per share last year. Six analysts polled by Thomson Reuters expected the earnings to be $0.04 per share.
The revenue surged 85% to $249.58 million from $134.24 million last year. This growth can be attributed to the sale of cameras with suggested retail prices of $300 and up which constituted 94% of the revenue and a 48% year-over-year growth in GoPro.com revenue which collected $88 million or 35% of the revenue. Four analysts projected the revenue for the quarter at $232.31 million.
The company expects a revenue in the range of $285 million to $295 million for the third quarter with earnings between $0.17 and $0.21. Street analysts project a revenue of $287.9 million with $0.17 earnings per share.
The CFO and COO of the company, Brian McGee said "In Q2, strong execution further revealed the benefits of the strategic shifts we've made in our business to a more direct to-consumer, subscription-centric model. We believe the changes to our business will continue to result in a more predictable and profitable GoPro"
The result has pushed the shares up $0.78 or 7.75% in the after-hours market as they are trading at $10.85. The shares closed in the regular sessions at $10.07, up $0.19 or 1.92%.
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