GoPro Inc (NASDAQ:GPRO) stock got a boost on Thursday following a guidance update for the third quarter of 2017.
GoPro Inc says that it is now expecting its earnings results for its third quarter of the year to come in near the top of its guidance range. The company is expecting revenue for the quarter to range from $290 million to $310 million. This is good news for GPRO stock as Wall Street is expecting revenue to reach $304.04 million in the second quarter of 2017.
When it comes to earnings per share for the second quarter of the year, GoPro Inc says that it expects them to be profitable on a non-GAAP basis. However, it says that earnings per share for the quarter won’t be profitable on a GAAP basis. Analysts are looking for losses per share of 5 cents for the quarter.
GoPro Inc also notes that it is expecting its gross margin for the second quarter of 2017 to be near the high end of its estimates. The company’s guidance has its gross margin for the quarter ranging from 36% to 38%.
“Consumer demand for GoPro products is strong,” CJ Prober, GoPro Inc’s COO, said in a statement. “Channel inventories have been reduced and we’re incredibly excited about the upcoming launch of two great new products, HERO6 and our 5.2K spherical camera, Fusion.”
GoPro Inc surprised analysts when it released its earnings report for its second quarter of 2017. The camera company reported loss per share that were lower than expected and revenue that was higher than estimates for the quarter.
GPRO stock was up 14% as of Thursday morning and is up 17% year-to-date.
As of this writing, William White did not hold a position in any of the aforementioned securities.
