GoPro reported adjusted earnings of $11.8 million, or 8 cents a share, up from a loss of $3.2 million, or 3 cents a share, in the same period one year earlier. Revenue rose 38% year-over-year to $244.6 million. Analysts polled by Thomson Reuters had expected earnings of 6 cents a share on revenue of $238 million.
Some investors have concerns about GoPro's ability to sell $200 to $400 video cameras when rival companies can imitate the wearable high-definition recorders at a cheaper price, according to The Wall Street Journal. The article also notes smartphones continue to improve their camera capabilities, which gives customers less incentive to buy a dedicated camera.
Must Read: Warren Buffett's 25 Favorite Stocks
The stock was down 10.45% to $42.96 at 10:35 a.m.GPRO data by YCharts