GoPro shares tumble after earnings

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 …

NOW WATCH: How to supercharge your iPhone in only 5 minutes

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.