Shares of GoPro Inc. (NASDAQ: GPRO) shot up 8% on Thursday after reporting better-than-expected results in the third quarter.
Revenue for the third-quarter fell 54% to $131.1 million, hurt by production delays of its Hero8. However, this was above the street estimate of $126.35 million.
The company also posted an adjusted loss of 42 cents per share, which was 6 cents narrower than what analysts had predicted.
Camera unit shipments in Q3, meanwhile, fell to 479,000,
compared to 1.1 million in the same period last year.
The action camera maker also reiterated its annual revenue guidance of 6-9% growth, and increased its profitability outlook for the fourth quarter and 2019.
CEO Nicholas Woodman said, “HERO8 Black and MAX are generating the highest positive social sentiment metrics of any new GoPro and are setting record unit sales for new cameras at GoPro.com. Both products appear to be unquestionable hits with consumers and we’re optimistic about their impact on our business going forward.”
According to the NPD Group, GoPro had 93% dollar share of the
action camera category in the US in the third quarter of this year.
The stock is almost flat since the beginning of this year.