GoPro Posts Record Online Sales From Black Friday-Cyber Monday

GoPro shares rose after the video-products company reported record online sales for the Black-Friday-to-Cyber-Monday period.
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GoPro  (GPRO) - Get Report shares rose on Thursday after the video-products company reported record online sales for the Black-Friday-to-Cyber-Monday period.

That pushed its subscriber count above 670,000, GoPro said. 

"GoPro.com performed as we expected, handily breaking sales records over the Black Friday-Cyber Monday period, thus ensuring we'll finish the year with well over 700,000 subscribers," Founder and Chief Executive Nicholas Woodman said in a statement.

GoPro ended the third quarter with 501,000 subscribers, up 35% sequentially and 65% from a year earlier.

"We are confident about our ability to exit 2020 with low channel inventory and a promising outlook for 2021," Woodman said. 

GoPro also said this week that its camera sales have exceeded 40 million since the debut of its first high-definition model in 2009.

The company's stock recently traded at $8.11, up 4.1%. It has surged 87% year to date. A month ago it touched a 52-week high $8.82.

Last month, GoPro reported third-quarter earnings that beat analyst expectations, boosted by a growing subscription service and the launch of the Hero9 Black camera.

GoPro swung to adjusted net income of 20 cents a share from a loss of 42 cents in the year-earlier period. The FactSet analyst consensus called for adjusted EPS of 6 cents in the latest quarter. Sales more than doubled to $280.5 million in the latest quarter, beating the analyst consensus of $234.5 million.

GoPro launched Hero9 Black in September. It touted the camera's resolution, saying users could shoot "5K video with serious detail even when zooming in and capturing 14.7 megapixel frame grabs.”