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GoPro Inc. announced a better-than-expected first quarter Thursday, exceeding analysts' revenue forecasts and posting a lower-than-expected loss.
The company recorded a net loss of $ 24 million, or 17 cents per share, compared to a loss of $ 76 million, or 55 cents a share, a year earlier. On an adjusted basis, GoPro
GPRO, + 5.21%
lost 7 cents per share, while analysts surveyed by FactSet modeled 9 cents. A year earlier, the company had a loss of 34 cents per share.
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GoPro's revenues increased 20% to $ 243 million, up from $ 202 million a year ago, exceeding expectations of $ 234 million. The company revealed that revenues from its GoPro.com site accounted for more than 10% of total revenue for the first quarter and was up 90% over the previous year.
Shares fell 1.4% after trading hours.
The company had more than 220,000 active paying subscribers for its GoPro Plus service on May 8, up 10% sequentially. GoPro Plus provides unlimited cloud storage for sequences and offers discounts on accessories.
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Citing third-party NPD data, the company said it captured 89% of the US action camera market for the period and a 97% dollar share. GoPro also said that its Hero7 Black was the most sold camera "in volume of digital imaging".
GoPro shares rose more than 5% on Thursday, ahead of the company's results. They have increased 57% since the beginning of the year, while the S & P 500
SPX, -0.30%
increased by 14%.
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