GoPro (NASDAQ:GPRO) reported its latest quarterly earnings results late today, bringing in a loss that was narrower than analysts expected, while sales were up, playing a role in lifting GPRO stock after hours.
The California-based tech company said that for its first quarter of its fiscal 2019, it posted a net loss of $24 million, or 17 cents per share, which was about a third of its loss from the year-ago quarter, when it lost $76 million, or 55 cents per share. On an adjusted basis, the company posted a loss of 7 cents per share.
Analysts were calling for GoPro to bring in a loss of 9 cents per share, according to data compiled by a survey conducted by FactSet. In the year-ago quarter, the company had posted a loss of 34 cents per share.
The tech business added that its revenue for the period reached $243 million, marking a 20% gain when compared to the $202 million it posted during the year-ago quarter. This figure was also stronger than the Wall Street consensus estimate of $234 million.
GoPro added that its revenue from the GoPro.com site brought in more than 10% of its overall revenue for the first quarter, while also increasing 90% year-over-year. The business had more than 220,000 active paying subscribers on its GoPro Plus service as of May 8, up 10% sequentially.
GPRO stock surged roughly 0.8% after the bell Thursday following the company’s impressive quarterly earnings performance. Shares had gained about 5.2% during regular trading hours in anticipation of GoPro’s quarterly results.
