SAN MATEO, Calif. (BRAIN) — GoPro on Wednesday reported a 37 percent increase in third-quarter revenue to $329.8 million and net income of $14.7 million, compared with a loss of $104 million in the same quarter a year earlier.
GoPro launched its new flagship Hero6 Black action camera at the end of the quarter. Up to that launch, the Hero5 Black was the best-selling digital image camera in the U.S. for four straight quarters, and the NPD Group reported that during Q3 GoPro's Karma was the No. 2-selling drone priced at $1,000 or higher, GoPro stated.
The company also said it significantly reduced operating expenses in the quarter, reaching a three-year low.
"GoPro has turned a corner, restoring growth and profitability to our business," founder and CEO Nicholas Woodman said in a statement. "We are dedicated to growing as an innovative company, while being a vigilant steward of shareholder capital."
The results surpassed analyst expectations, but GoPro shares fell in after-hours trading following the company's lower-than-expected guidance for the fourth quarter. The company is forecasting sales of $460 to $480 million during the important fourth-quarter holiday period, while analysts had expected $521 million.
GoPro is set to launch its Fusion 360-degree spherical camera at the end of November.
