GoPro Inc (NASDAQ: GPRO) reported better-than-expected quarterly revenue and a loss lower-than-expected loss on Thursday, as the demand for the company’s new assortment of inexpensive entry-level action cameras from the leading HERO series.
Once a must-have camera for athletes and Instagramers, GoPro have had a hard time competing with compact smartphones whose camera quality improves every year.
Affordable HERO cameras and its decision to leave the drone business have helped the company to recover from losses and bring margins back to life.
GoPro’s retail store sales in Asia including Japan, China and Korea have jumped 11%. The company has reported action camera share in the United States of 89%.
GoPro’s revenue on a quarterly basis advanced 20% to $243 million, higher than consensus estimates of $234.4 million.
Shares of GoPro rallied around 1% at $6.40 in the extended session.