Today for its second-quarter financial results, GoPro reported $420 million in revenue and a net income of $35 million beating Wall Street estimates and swinging to a profit. Despite this the company traded down nearly 8 percent immediately following the release in after hours trading after closing up on the day at 62.04. Since then the company has pared its losses.
Since going public GoPro has surpassed revenue and earnings per revenue estimates in every quarter. Its second quarter revenue rose 72 percent to $419.9 million and the company posted a profit of $35 million, or 24 cents a share, over a year-earlier loss of $19 million.
GoPro’s stock climbed 33 percent over the last three months and closed the day at $62.04. This steady growth came after GoPro’s stock tumbled from an all-time high of $93.85 shortly after going public. No doubt the company’s recent moves to embrace the production of VR content and licensing video content helped move the stock price north. The company’s stock is up 49 percent since going public in July 2014.
“I couldn’t be more proud of our aggressive pace of innovation. With the introduction of HERO4 Session and HERO+ LCD, we’ve launched five new cameras in the past 10 months, exciting both new and existing customers and contributing to strong second quarter results,” said GoPro Founder and CEO, Nicholas Woodman in a released statement. “Our core business is enjoying terrific momentum as we charge forward into attractive adjacent markets.”
International sales accounted for 50 percent of the company’s Q2 revenue.
The company announced today that GoPro cameras are now sold in over 40,000 stores worldwide and shipments of point-of-purchase displays increased by over 40 percent, showing that GoPro is making the most of its retail footprint.
GoPro introduced two new cameras during the previous quarter. The $400 Hero4 Session is a stark departure from the GoPro norm, featuring a radical new design that does away with the plastic cases generally used to protect the cameras from the extreme action. This camera is smaller and waterproof without a case. The company also introduced an entry-level camera that features a rear facing LCD screen.
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Just yesterday GoPro unveiled a deal with Toyota and a platform that allows content creators to license their GoPro videos to approved ad agencies and media outlets. The licensing portal is the company’s first attempt to monetize the troves of GoPro videos its owners are creating — something that Wall Street analysts have called for since the company’s IPO.
Both the VR content and licensing portal shows GoPro is exploring ways to grow behind just selling cameras. Analysts are worried about GoPro’s core business of action cameras as more and more companies release less expensive options.
