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GoPro raises full-year revenue guidance, reports 1Q earnings that beat estimates; stock up

The maker of action video cameras now expects revenue between 7% and 10%, from its previous forecast of 5% and 8%
GoPro camera
GoPro says its subscription service surpassed 220,000 customers in the 1Q quarter

Shares of GoPro Inc (NASDAQ:GPRO) increased Friday, a day after it raised revenue guidance for the full-year and reported first-quarter earnings that beat analysts’ estimates.

The San Mateo, California-based company’s stock rose 2% to $6.80 a share in recent trading, amid declines in all of the major stock indices.

The maker of action video cameras popular with outdoor thrill-seekers raised its revenue forecast for 2019 to a range between 7% and 10%, from its previous forecast of 5% and 8%.

GoPro also said revenue increased 20% to $243 million in the quarter, beating Wall analysts' estimate of $234.4 million.

READ: GoPro may soon be profitable as it learns from its mistakes and zooms in on a target audience

CEO Nicholas Woodman said in a statement that the higher revenue was driven by “strong global demand for our products,” which includes its cameras and subscription service that surpassed 220,000 customers in the quarter.

The company also reported a smaller-than expected loss of $24 million, or $0.17 a share, compared with a loss of $76 million, or $0.55 a share, in the year-ago quarter. The adjusted net loss came to $0.07 a share, while analysts expected a loss of $0.09 a share.

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