GoPro earnings crush expectations

GoPro reported second-quarter results on Tuesday that beat on the top and bottom lines.

The company posted adjusted earnings per share of 35 cents, beating Bloomberg’s consensus forecast of 26 cents. Sales came in at $US419.9 million, compared to the estimate of $US395.2 million.

In the earnings statement, CEO Nick Woodman said: “I couldn’t be more proud of our aggressive pace of innovation. With the introduction of HERO4 Session and HERO+ LCD, we’ve launched five new cameras in the past 10 months, exciting both new and existing customers and contributing to strong second quarter results.”

During the quarter, GoPro announced plans to release a drone in the first half of 2016. At the Re/code Code Conference in May, Goodman Woodman said the current popularity of drones is similar to the early days of GoPro.

There has been persistent concern among analysts about competition in the point-of-view cameras market.

The company said China is now a top ten revenue-generating country.

In after-hours trading, the stock fell as much as 3%. It is down 2% year-to-date, and up 50% over the past 12 months.

NOW WATCH: We took a GoPro on the tallest drop ride in the world and it was terrifying

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