GoPro Revenues Jump 72% As Company Goes Profitable

GoPro Hero4 and Q2 Revenue and Profits

GoPro Inc. on Tuesday announced a revenue increase of 72% in the second quarter, helped largely by big sales numbers for the Hero4 devices.

Shares of the company rose 2.3% to $63.49 in after-hours trading. The company’s stock has risen 49% since going public in June 2014.

The Hero4 devices have been a huge hit among surfers and cyclists seeking ways to record their adventures. The Hero4 Session, a camcorder the size of an ice cube arrived at market this month.

GoPro has been busily attempting to grow its market. In April, it acquired spherical video producer Kolor, a first sign that the firm is moving into the field of virtual reality. Last week GoPro also announced plans to monetize the video content users create by implementing a user opted-in 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.

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

The increase in revenue also allowed GoPro to earn a profit of $35 million for the period ending June 30, compared with a year-earlier loss of $19.8 million, or per-share loss of 24 cents.

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

According to the earnings call, GoPro devices are now sold in more than 40,000 stores worldwide.

Written by Peter Mondrose

Peter Mondrose

Peter Mondrose is the Editor-In-Chief at BusinessPundit. He received his degree in Economics in 1998 and a second degree in Journalism in 2004. He has served as a financial adviser, market trader, and freelance journalist for the last 11 years. When he's not investigating market conditions and reporting on workplace news, he can be found traveling with his wife, dog, and laptop. He can be reached at PeterMondrose@BusinessPundit.com or (929) 265-0240.