GoPro Inc (GPRO) Shares Soar 15% As Third Quarter 2014 Results Surpass Market Expectations

GoPro Inc (GPRO)

The shares of GoPro Inc (NASDAQ:GPRO) grew up to 15% in the extended trading session closing at$78.81 after the action camera maker announced its third quarter 2014 results. The company has better-than-expected sales forecast for the holiday quarter considering the increasing popularity of its video cameras.

The action camera manufacturer announced revenues of $280 million for its third quarter 2014 with a 45.7% increase from the same period last year. The company reported GAAP gross margins of 44.3% along with a GAAP operating income of $13.5 million during the quarter. GoPro Inc (NASDAQ:GPRO) reported GAAP net income of $14.6 million attributable to its common shareholders.

GoPro Inc (GPRO)

Nicholas Woodman, CEO of GoPro Inc, said,

“The global scale and execution of our HERO4 launch made this the most successful roll out in GoPro’s history. HERO4 pushes the performance envelope of our Emmy Award winning capture technology. Advancements in our desktop and mobile content management applications continue to make it easier for our customers to create and share compelling content stories that go on to virally drive awareness and demand for our business. This positions us well for an exciting holiday season.”

The company released three different devices under its HERO series including HERO4 Black, HERO4 Silver, and HERO. The extraordinary product range from the company along with associated social promotion by its customers helped the company register record product launch season.

According to Michael Pachter, analyst from Wedbush Securities, “The social media side of the business had great metrics, with YouTube content up 92 percent year-over-year (in the third quarter) and YouTube views up 99 percent.” While talking about the expectations for the upcoming holiday season, Pachter added, “All this indicates growing brand awareness, and bodes well for a successful holiday.”

The shares of GoPro Inc (NASDAQ:GPRO) are up more than 120% since its launch in June 2014.

This article has been written by Prakash Pandey.

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