Shares of GoPro are getting crushed after the company’s first quarterly earnings report since going public.
The stock was down about 12% after last night falling 10% following the report.
GoPro reported adjusted earnings per share of $US0.08, topping estimates for $US0.07. Revenue in the second quarter totaled $US244.6 million, beating estimates for $US238.1 million.
On a “GAAP,” or unadjusted basis, however, GoPro lost $US0.24 per share.
Since debuting in June, GoPro shares have been on a tear, gaining about 100% since the IPO.
Yesterday, the stock closed just below $US48, just about doubling the market cap of the company since shares priced at $US24 in their initial public offering.
Currently, GoPro’s market cap is about $US9.5 billion.
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