Economy

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

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

GoPro also forecasts the third quarter to be profitable on a non-GAAP basis, though not profitable on a GAAP basis.

GoPro, which had earlier expected to report an adjusted loss in the third quarter, said strong demand for its cameras and drones was helping it reduce inventory.

The company anticipates robust sales of its new Hero6 camera.

In the release, CFO Brian McGee said that "consumer demand for GoPro products is strong".

Shares of GoPro took off shortly after the company announced the revised guidance.

Analysts on average were expecting a loss of 5 cents per share and revenue of $304 million, according to Thomson Reuters I/B/E/S.

The company previously announced a guidance range of $290 million to $310 million and margins of 36-38%.

"While we continue to think sellthrough and market saturation remain long-term issues, we underestimated the company's ability to improve its capital structure and liquidity position", the Goldman analysts said in a note in August, their latest on the stock. They had been pencilling in a loss of 5 USA cents. Shares of the action video camera maker surged more than 13 percent in Thursday, Sept. 7, 2017 premarket trading.



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