Why GoPro Stock Is Popping Off Today

GoPro Inc GPRO shares are trading higher by 14% to $3.06 Wednesday morning after the reported better-than-expected third-quarter financial results.

What Happened?

GoPro reported third-quarter earnings of 4 cents per share, exceeding analyst estimates by 100%. However, this reflects a 78.95% decrease from last year. Quarterly sales were $294.30 million, 4.56% higher than estimates, but down 3.55% from the same period in the previous year.

GoPro had a strong third-quarter, which was driven by their growth strategy, particularly the successful launch of HERO12 Black and expanding retail presence. They exceeded revenue and unit sales expectations, ending the quarter with 2.5 million subscribers. While revenue was $294 million, up 5% from guidance, it was down 4% YoY.

Revenue from the retail channel was $231 million, and GoPro.com revenue declined to $63 million. They noted a 20% YoY growth in subscribers.

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What Else?

Recent highlights include stock repurchases, the launch of HERO12 Black, recognition in Best Companies to Work for Rankings, and expanding sports partnerships.

Vince Nakayama joined as Senior Vice President of Engineering, bringing experience from tech giants like Microsoft Corp, Flex, Sony, Amazon.com Inc and Apple Inc.

According to data from Benzinga Pro, GPRO has a 52-week high of $6.57 and a 52-week low of $2.41.