GoPro Flies 14% After Saying Job Cuts May Lead To Profitability

GoPro Inc GPRO shares are trading higher by $0.85 (14 percent) at $8.20 in Thursday's session.

After the close, the company announced job cuts that may lead to profitability on an adjusted basis on 2017 and forecasts 2017 Q1 revenue to be in the upper-end of its $190-$210 million range.

Most of today's gains were made in Wednesday's after-hours session, which instigated over $1.00 higher opening print of $8.22. There was some follow through to $8.35, but it hasn't been able to sustain that level. That high matches its March 7 high of $8.34.

So far, the decline off the early-morning high has found intra-day support at $8.05. Keep in mind, many investors are underwater in the issue as it made a new all-time low on Wednesday at $7.14, which was $0.02 below from Tuesday's low of $7.16.

If the rally continues, the next identifiable high based on the daily charts comes in at its March 6 high of $8.73.