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GoPro (GPRO) Continues to Fall Despite Earnings Beat

NEW YORK (TheStreet) -- GoPro (GPRO - Get Report) continued to plunge Friday despite the camera company's second-quarter results that beat analysts' expectations.

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.

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The stock was down 10.45% to $42.96 at 10:35 a.m.

GPRO Chart GPRO data by YCharts

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

Editor's Note: Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of TheStreet, Inc. or any of its contributors including Jim Cramer or Stephanie Link.

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GPRO $20.13 -1.32%
AAPL $117.34 -0.81%
FB $107.12 2.76%
GOOG $767.04 3.29%
TSLA $237.19 3.01%


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