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GoPro expects adjusted profitability in 3rd qtr; shares jump

GoPro Inc Sell the Rally
GoPro up premarket after taking Wall Street by surprise on profit guidance
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07 September, 2017

Shares of GoPro Inc. on Thursday jumped the most in a month after the maker of wearable video cameras said it would post an adjusted profit in the third quarter thanks to stronger demand, dwindling inventories, and product launches.

It added that gross margin is also expected to be at the high end of its previous outlook of 36% to 38%.

The company's body-mounted point-of-view cameras have a huge following among action junkies such as surfers and skydivers, but sales have taken a beating in recent quarters after a series of missteps including production issues and delays. The company still expects to post a GAAP loss in the third quarter. Analysts polled by Thomson Reuters expect the company to report revenues of $304.04 million for the third-quarter.

In the release, CFO Brian McGee said that "consumer demand for GoPro products is strong". Analysts' estimates typically exclude special items.

Shares of GoPro were up 17.3 percent at $10.44 in early trading.

GoPro said that revenue is expected to be at the "high end" of the previously provided guidance range of US$290mln to US$310mln, against market consensus for US$304mln.


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