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GoPro pops after topping revenue estimates

GoPro's stock spiked more than 12 percent Thursday after the company posted its quarterly results.

The company posted quarterly revenue that slumped more than 47 percent, but still beat Street forecasts, which have been lowered amid waning demand for the firm's products.

GoPro's revenue fell to $220.8 million in the second quarter from $420 million a year earlier.

The company said it is maintaining its full-year revenue guidance of $1.35 billion to $1.5 billion, on the higher end of the average of $1.34 billion expected by Wall Street analysts.

GoPro's CEO Nicholas Woodman said the company's revenue suffered last year because it had too many products.

"They weren't strong enough and at the end of the year we loaded them into the retail channel, Woodman said about the products on "Squawk Alley." "Sell-through wasn't there and we're just now selling through that product, so we should now see revenue starting to rise."

Woodman also said the company will be rolling out new products later this year.

"Last year, we hit a speed bump because we didn't have enough new products and we didn't have enough innovation," Woodman said. " I think our arch is in the opposite direction because the back-half of this year is loaded with the largest new product introduction in the history of GoPro."

Woodman mentioned that GoPro's HERO5 and Karma will contribute to the success of the company's new products.

GoPro's shares have slumped more than 27 percent in the year-to-date.

GoPro's year-to-date performance:

--Reuters contributed to this report.