GoPro Trades Above $10 Per Share Amid Encouraging Q3 Outlook Announcement

Shares of GoPro Inc GPRO gained around 13 percent early Thursday morning to trade at $10.10 after the action camera and drone maker impressed investors with an encouraging third-quarter update.

GoPro's stock for the most part traded below $10 per share but on Thursday the stock moved above the $10 mark. The company said that it expects its third quarter revenue and guidance to come in at the higher end of its prior guidance. GoPro previously guided its revenue to be in a range of $290 million to $310 million on margins of 36 percent to 38 percent. On top of that, the company said that it expects to be profitable in the third quarter on a non-GAAP basis although not profitable on a GAAP basis. Prober and GoPro's chief financial officer Brian McGee will both be presented at the Citi Global Technology Conference on Thursday at 2:10 p.m. EDT. A live webcast of the presentation can be found here. Related Links: GoPro Weakness Weighs On Ambarella Outlook Goldman Removes GoPro From Sell List Ahead Of Product Launch

The company's chief operating officer CJ Prober attributed the encouraging guidance toward "strong" consumer demand for GoPro's products. Meanwhile, channel inventories have been reduced and the executive also reaffirmed the upcoming launch of two new products, the HERO6 core action camera and a new 5.2K spherical camera called Fusion.

In Thursday's premarket session at time of publication, shares of GoPro were up 12.36 percent at $10.