GoPro Buys Virtual Reality Video Producer Kolor

GoPro has purchased spherical video producer Kolor as it makes its first move into the burgeoning field of virtual reality. Kolor, based in France, produces spherical and immersive media by enabling users to package multiple photographs or videos together into high-resolution panoramic or spherical content to be played on mobile devices, the web, or on a virtual reality platform. In a statement, GoPro said virtual reality is poised to "transform entertainment, education and other industries." Separately on Tuesday, the wearable action camera maker reported stronger-than-expected first-quarter earnings and sales. Its shares fell 4.6% in after-hours trade.