GoPro Spikes Despite Mixed Results, Declining Sales & Unchanged Guidance

Shares of GoPro Inc GPRO were trading up roughly 3 percent in Thursday’s after-hours session, following the announcement of the company’s first quarter financial results. After the market closed, the action cameras maker reported a net loss of ($0.63) per share, missing the Street’s consensus by $0.03-$0.04. On the other hand, revenue of $183.536 million beat expectations for $169 million.

While sales came in ahead of estimates, they still fell 49.5 percent year-over-year, as the portable cameras market got close to saturation.

Related Link: Judge To GoPro: Patent Infringement Case Will Go On

"Consumer demand for GoPro remains solid," said Nicholas Woodman, GoPro founder and CEO, as management reiterated its fiscal 2016 sales outlook of $1.35 billion to $1.5 billion, which compares to consensus of $1.37 billion.

More to come, keep tuned in.

Disclosure: Javier Hasse holds no positions in any of the securities mentioned above.