NEW YORK (TheStreet) -- Shares of GoPro (GPRO) - Get GoPro, Inc. Class A Report were gaining 11.6% to $52.45 in pre-market trading Wednesday morning after the sport camera maker beat analysts' estimates for the first quarter and issued a strong guidance for the second quarter.
GoPro reported earnings of 24 cents a share of the first quarter, beating analysts' estimates of 18 cents a share for the quarter. Revenue grew 54.1% year over year to $363.1 million for the quarter, above analysts' estimates of $340.99 million.
Looking forward to the second quarter GoPro said it expects to report earnings of 24 cents to 26 cents a share and revenue of $380 million to $400 million. Analysts surveyed by Thomson Reuters expect the company to report earnings of 17 cents a share and revenue of $341.67 million for the quarter.
GoPro also announced that it will acquire French virtual reality company Kolor. "GoPro's capture devices and Kolor's software will combine to deliver exciting and highly accessible solutions for capturing, creating and sharing spherical content," GoPro Founder and CEO Nicholas Woodman said.
Terms of the acquisition were not disclosed.