GoPro just reported first quarter earnings that beat on the top and bottom lines, but in after hours trade on Tuesday, shares of the company were down as much as 6%. Near 4:15 pm ET, the stock was off about 2.4%.
For the first quarter, GoPro reported adjusted earnings per share of $US0.24, topping estimates for $US0.18.
Revenue hit $US363.1 million, beating expectations for $US341.1 million. GoPro said more than half of its first quarter revenue came from international sales. Adjusted gross margin in the first quarter totaled 45.2%, up from 41.1% in the same quarter last year.
In a statement, GoPro CEO Nick Woodman said, “We kicked off 2015 by delivering the second highest revenue quarter in GoPro’s history … We are making investments in talent, technology, software, and innovative new products that will fuel growth and strengthen GoPro’s ecosystem.”
More to come …