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UPDATE 1-GoPro beats revenue estimates, posts smaller loss than expected

(Adds share price; compares profit with estimates)

May 9 (Reuters) - GoPro Inc topped Wall Street estimates for quarterly revenue and reported a smaller-than-feared loss on Thursday, driven by strong demand for its new range of cheaper action cameras from flagship brand HERO.

The company's action cameras, which were once a must-have for surfers, sky divers and Instagram travel bloggers, have been facing stiff competition from pocket-friendly smartphones with constantly improving camera quality.

GoPro's cheaper HERO cameras, job cuts and exit from its failing drone business have helped the business to keep losses in check and revive margins.

The San Mateo, California-based company said its sales through retailers grew 11 percent in Asian markets, including Japan, China and Korea, and reported an 89 percent share of the U.S. action camera market by units.

The company incurred a net loss of $24 million, or 17 cents per share, in the first quarter ended March 31.

Excluding one-time items, the loss was 7 cents per share. Analysts had expected a loss of 9 cents, according to IBES data from Refinitiv.

Quarterly revenue jumped 20 percent to $243 million, beating Wall Street analysts' average estimate of $234.4 million.

Shares of the company were up about 1 percent at $6.40 in extended trading. (Reporting by Akanksha Rana in Bengaluru; Editing by Shinjini Ganguli)