GoPro Swings to Profit as Revenue Jumps 72%

GoPro Inc. said Tuesday its revenue increased 72% in the second quarter, helped by sales of its Hero4 devices.

Shares of the company rose 2.3% to $63.49 in after-hours trading. The company, which went public in June 2014, has seen its stock rise 49% through Tuesday's close.

The Hero4 devices are the latest in the line of wearable cameras that have appealed to surfers and cyclists seeking ways to record cool tricks. Its newest tiny camera, the Hero4 Session, that came out this month is about the size of an ice cube.

The wearable-camera company in April bought spherical video producer Kolor, as GoPro makes its first move into the field of virtual reality. Separately this week, GoPro also announced plans to monetize the video content users create with a licensing platform.

"I couldn't be more proud of our aggressive pace of innovation. With the introduction of Hero4 Session and Hero+ LCD, we've launched five new cameras in the past 10 months, exciting both new and existing customers and contributing to strong second-quarter results," Chief Executive Nicholas Woodman said.

Revenue in the second quarter rose 72% to $419.9 million.

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For the period ended June 30, GoPro posted a profit of $35 million, or 24 cents a share, compared with a year-earlier loss of $19.8 million, or per-share loss of 24 cents.

Excluding costs related to stock-based compensation and acquisition expenses, the company posted a profit of 35 cents, up from 8 cents the year before.

GoPro in its first quarter conference call projected it would post a profit in the range of 24 cents to 26 cents on revenue of $380 million to $400 million for the second quarter.

The company said GoPro products are sold in more than 40,000 stores world-wide.

(By Cassandra Jaramillo)