GoPro, Inc. (NASDAQ: GPRO) released its most recent quarterly results after markets closed Thursday. The company said that it had a net loss of $0.15 per share and $283 million in revenue, compared with consensus estimates from Thomson Reuters that called for a net loss of $0.22 per share and $270.23 million in revenue. The same period from last year had a net loss of $0.09 per share and $296.53 million in revenue.
At the end of the second quarter, GoPro’s ‘Plus’ subscription service had 160,000 active paying subscribers, up 9% quarter-over-quarter.
Social followers increased by more than 760,000 to more than 36 million across all platforms, driven primarily by quarter-over-quarter increases on YouTube and Instagram.
Cash and cash equivalents totaled $114.8 million at the end of the quarter, versus $202.5 million at the end of the previous fiscal year.
There was no guidance given in the release. However, there are consensus estimates calling for a net loss of $0.03 per share on $263.6 million in revenue for the third quarter.
Nicholas Woodman, founder and CEO, commented:
GoPro is executing. We are on track; sell-through is solid in all regions indicating strong demand, and we believe GoPro will be profitable in the second half of 2018. Our plan is to exit the year with an improved margin profile we believe translates into a profitable 2019.
Shares of GoPro closed Thursday at $5.99, with a consensus analyst price target of $5.13 and a 52-week range of $4.42 to $11.89. Following the announcement, the stock was up 10% at $6.59 in the after-hours trading session.