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GoPro shoots past analyst estimates in its second quarter, sees profit by second half of the year

The wearables company beat analyst estimates on earnings and revenue in its second-quarter results
Man wearing a GoPro camera
GoPro said it sold its its 30 millionth camera in its second quarter

GoPro Inc (NASDAQ:GPRO) topped Wall Street estimates in its second-quarter results, seeing a smaller-than-expected loss as demand rises for its action-ready cameras.

The wearables company reported a net loss of US$0.15 per share on revenue of US$282.7mln compared with a net loss of US$0.09 on revenue of US$296.5mln in the previous year’s second quarter.

The California-based company beat Wall Street estimates of a net loss of US$0.22 EPS on revenue of US$270.23mln.

The tech company sells cameras and wearable accessories including cloud-connected and water-proof cameras.

READ: Fitbit runs past analyst estimates in its second quarter after strong Versa smartwatch sales

GoPro was the number one selling camera by unit volume in North America this quarter, according to the company’s release.

In the second quarter, the company sold its 30 millionth camera.

"We are on track; sell-through is solid in all regions indicating strong demand, and we believe GoPro will be profitable in the second half of 2018.  Our plan is to exit the year with an improved margin profile we believe translates into a profitable 2019,” said CEO Nicholas Woodman in a press release.

GoPro has also developed its own editing software, including GoPro Plus, a cloud-based storage system for subscribers to edit and share content.

The company has designed apps like Quik, a mobile editing app, and the GoPro app, which allows users to preview and playback photos and video.

Shares of the tech company were up around 1% to US$6.06 in Thursday after-hours trading.

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