GoPro says things are looking great, sends stock soaring
GoPro’s stock is up 12% [NASDAQ:GPRO] as of noon Eastern on Thursday. This jump was caused after the company released a statement stating that its revenue and gross margin will be at the top of its guidance range. This should put the company’s revenue close to the amount Wall Street is expecting.
The company also expects the third quarter to be profitable on a non-GAAP basis, though not on a GAAP basis.
GoPro’s stock responded nicely with the news, sending it soaring on the day, following positive gains the last two days. The stock is ticking towards matching its 90 day high of 10.52, which it hit on August 8.
This news comes at a good time for GoPro. The company is expecting to launch the Hero6 and its 5.2k spherical camera, Fusion, which should set the company up for a strong holiday season.
GoPro’s COO CJ Prober told CNBC this morning that the company is seeing a strong demand for its products and the company is really happy with the momentum they’re seeing in the business. He points to the company’s products and its just-launched software ecosystem for the recent push.