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GoPro up premarket after taking Wall Street by surprise on profit guidance

The company said that it will be profitable on an adjusted basis in the third quarter, which took Wall Street analysts off guard

GoPro camera
"Consumer demand for GoPro products is strong," said chief operating officer CJ Prober.

Action camera manufacturer, GoPro Inc. (NYSE:GPRO) saw its shares rise by 13% in premarket trade after it surprised Wall Street with a better-than-expected profit guidance.

The company said that it will be profitable on an adjusted basis in the third quarter, which took Wall Street analysts off guard. They had been pencilling in a loss of 5 US cents.

GoPro said that revenue is expected to be at the "high end" of the previously provided guidance range of US$290mln to US$310mln, against market consensus for US$304mln.

Demand for GoPro products strong

It added that gross margin is also expected to be at the high end of its previous outlook of 36% to 38%.

"Consumer demand for GoPro products is strong," said chief operating officer CJ Prober.

"Channel inventories have been reduced and we're incredibly excited about the upcoming launch of two great new products, HERO6 and our 5.2K spherical camera, Fusion."

Its shares rose 13.48% at US$10.10.

Quick facts: GoPro Inc

Price: 4.325 USD

NASDAQ:GPRO
Market: NASDAQ
Market Cap: $675.2 m
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