- GoPro reported better-than-expected results on Thursday.
- CEO Nicholas Woodman said the results were driven by a combination of strong demand and cost saving measures.
GoPro reported quarterly results that beat analysts' expectations on Thursday.
Here's how the company did compared to what Wall Street expected:
- Loss per share: 9 cents vs. 25 cents expected, according to Thomson Reuters
- Revenue: $296.5 million vs. $269.6 million expected, according to Thomson Reuters
In the year ago quarter, GoPro reported adjusted earnings of 52 cents a share on revenue of $220.8 million. Its revenue is up 34 percent year-over-year. For the second quarter, over 50 percent of GoPro's revenue was generated from markets outside of the U.S.
The stock soared 17 percent in premarket trading Friday. The stock has fallen more than 4 percent so far this year.
CEO Nicholas Woodman said GoPro's strong results were driven by a combination of strong demand and cost saving measures.
Woodman also said the company is on track to return to profitability by the end of 2017.
For the third quarter, GoPro expects a loss of between a penny a share and 11 cents a share on revenue of between $290 million and $310 million.
Analysts had projected a third-quarter loss of 12 cents a share on revenue of $278.5 million.
GoPro's new products are on track to launch later this year, the CEO said.
In July, GoPro began shipping units of its Fusion camera to professional production teams as part of a pilot program. The company said the product allows users to capture "fully immersive virtual reality content."
Last week, the company launched Quikstories, an editing app that lets GoPro users create shareable videos.
Last quarter, shipments missed expectations, partially due to some failed product launches.
GoPro has also instigated company-wide restructuring efforts over the past year, including hundreds of job cuts and a shutdown of the entertainment division.