GPRO stock is making gains this week after strong Black Friday sales for GoPro Inc (NASDAQ:GPRO) led to the company’s CEO declaring, “we crushed it.”
Black Friday Buzz Boosting GPRO Stock
The weekend after Thanksgiving in the US has fast become the busiest retail period of the year with extensive sales events, such as Black Friday and Cyber Monday, driving customers in their droves to stores and online marketplaces. Typically, tech products are the most in-demand during these sales, and as a result, action camera maker GoPro had a hugely successful weekend. Total camera sales climbed a massive 120% year-over-year in the time between the two shopping days. GPRO shares are up 7% in the week since.
“We’re very happy with how each of our products are selling-through so far this holiday,” GoPro founder and CEO Nick Woodman said in a release. “We believe the surge in demand we’re seeing positions us well for full-year profitability in 2019 and continued revenue and earnings growth in 2020. We crushed it,” Woodman said. Sales were largely driven by the release of new products such as the Hero 8 camera, which posted record sales following its launch in October. GPRO stock is currently trading for $4.10.
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Hero 8 Posts Record Sales
GoPro reported that the new Hero 8 Black camera “sold at record levels,” accounting for 90% of sales on its website and saw camera unit orders increase 120%. However, GPRO stock suffered earlier in the year after the company admitted that it was struggling with production delays on the Hero 8 Black, a problem that had hurt GoPro’s holiday performance in the past, but bounced back after stronger-than-expected third-quarter results.
GPRO stock climbed nearly 10% last month after the release of those promising results. For the quarter ended September 30, 2019, GoPro reported revenue of $131.17 million USD, well above the expected figure of $126.35 million USD, while non-GAAP loss per share was 42 cents, also clearing estimates of a 48 cent loss. Woodman said that those earnings “positions us well” to report a profit this year and increase earnings and revenue in 2020.
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