GoPro Inc (NASDAQ:GPRO) reported its latest quarterly earnings results Thursday, which were better than analysts expected as the company’s loss was narrower than the consensus estimate.
The action camera maker had a strong first quarter of fiscal 2018 thanks to the success of its latest low-cost sports camera. The company shifted its attention to a different market after more action cameras hit the market and diluted its stranglehold on the industry.
GoPro posted a net loss of $76.3 million for the period, or 55 cents per share. On an adjusted basis, the company unveiled a loss of 34 cents per share, which was narrower than the 38 cents per share in losses that analysts were calling for in their projection.
The company’s revenue came in at $202.3 million, below the $218.6 million from its year-ago quarter. However, the figure was still better than the $182 million that the Wall Street consensus estimate predicted GoPro would bring in.
The action camera maker’s unit sales were up by 3% compared to the year-ago quarter thanks to its low-cost Hero camera that was recently introduced to the market. “Initial demand for Hero is promising and we expect it to improve as large retail partners like Target and Walmart begin selling the product in the second quarter,” GoPro CEO Nicholas Woodman said in Thursday’s earnings announcement..
GPRO shares were up more than 3% after the bell Thursday on its strong quarterly earnings report.
