GoPro Q2 Results Miss Street

(RTTNews) - GoPro Inc. (GPRO) Thursday reported a second-quarter profit and revenues that fell short of Wall Street estimates. However, the action-sports camera maker's shares gained 9% after it raised outlook for the second half of the year.

San Mateo, California-based GoPro reported a second-quarter loss of $11.29 million or $0.08 per share, compared with last year's loss of $37.27 million or $0.27 per share.

GoPro reported adjusted profit of $4.19 million or $0.03 per share, compared with last year's loss of $20.84 million or $0.15 per share. On average, 6 analysts polled by Thomson Reuters expected loss of $0.04 per share for the quarter. Analysts' estimates typically exclude special items.

GoPro's revenues for the quarter rose 3.4% to $292.43 million from $282.68 million a year ago. Analysts had a consensus revenue estimate of $302.29 million for the quarter.

"In the second quarter, we grew revenue and achieved profitability on a non-GAAP basis," said founder and CEO Nicholas Woodman. "Given our continued sell-through momentum, channel inventory levels and the strength of new products slated for later this year, we are raising our outlook for the second half of 2019."

Gross margin for the quarter was 35%, up from 29% a year ago.

The company's executives raised its outlook for the second half of the year during an earnings conference call.

GPRO closed Thursday's trading at $5.03, down $0.26 or 4.91%, on the Nasdaq. The stock, however, gained $0.47 or 9.34% in the after-hours trade.