GoPro 2nd-quarter earnings, revenue top Wall Street expectations

MarketsAssociated Press

Action video camera maker GoPro Inc. on Thursday reported its second-quarter net loss nearly quadrupled from a year ago as it nearly doubled operating expenses despite revenue increasing 38 percent.

The net loss in the three months to June 30 came to $19.8 million, or 24 cents per share, worse than the net loss of $5.1 million, or 6 cents per share, in the same quarter a year earlier.

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Excluding items such as the cost of paying executives with stock, adjusted earnings came to 8 cents per share, beating the 7 cents per share expected by analysts polled by FactSet.

Revenue rose to $244.6 million from $177.1 million a year ago. That beat the $237.9 million analysts were looking for.

CEO Nicholas Woodman said in a statement that views on YouTube of GoPro-shot videos rose 200 percent since a year ago, "fueling our virtuous cycle whereby viewership of GoPro content drives sales."

Shares slumped $4.88, or 10.2 percent, to $43.09 in after-hours trading after rising $1.65, or 3.6 percent, to close at $47.97 in the regular session.

GoPro shares went public at $24 apiece in late June and hit an all-time high of $49.90 before slipping back down.