If you’re looking for the best computer hardware companies to invest in, look no further! Before the market opened Thursday, analysts were skeptical about whether GoPro’s line of products could deliver growth. And now, we see they were wrong. After the closing bell, GoPro (NASDAQ:$GPRO) posted quarterly results and revenue that surpassed analysts’ expectations.
Let’s take a look at how GoPro did versus what Wall Street expected:
- Loss Per Share: 9 cents compared to 25 cents expected, according to Thomson Reuters
- Revenue: $296.5 million compared to $269.6 million expected, according to Thomson Reuters
After the report was released to the public, the company’s stock increased 17%. “Strong demand combined with our cost management and margin initiatives contributed to GoPro’s EBITDA positive performance in the second quarter,” said founder and CEO Nick Woodman.
Before moving on, it’s worth mentioning that, so far this year, GoPro stock has dropped more than 4%.
Last quarter, shipments had missed expectations. Why? Many speculate it was due to more than one failed product launch.
In addition, GoPro has commenced company-wide restructuring efforts over the course of the past year, which includes cutting hundreds of jobs and closing the entertainment division.
Last month, GoPro started to ship units of its Fusion camera to professional production teams. This effort was part of a pilot program, and the San Mateo, California-based company said the product will allow users to capture “fully immersive virtual reality content.” Additionally, just last week, the company launched their editing app QuikStories. This will let GoPro users create shareable videos with simplicity and ease.
According to the report, “HERO6 and Fusion, our 5.2K spherical camera, are on course to launch later this year and we continue to track toward our goal of full-year, non-GAAP profitability in 2017.”
Speaking of guidance, GoPro sees third quarter earnings per share to be $0.06. Also, the company forecasts third quarter revenue in between the range of $290 to $310 million, versus the analyst consensus of $278.54 million.
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