GoPro Second Quarter Earnings Crush Wall Street Expectations

GoPro (GPRO) released earnings after the bell that crushed Wall Street’s estimates. The camera manufacturer reported earnings of $0.35 per share on sales of $420 million for the quarter compared to earnings of $0.08 per share on $245 million in revenue from the same period last year. Earnings of $0.35 were a full $0.09 higher than the consensus estimates from Reuters. This quarter continues the streak that GoPro has had of beating Wall Street’s estimates on both the top and bottom line every quarter since the company’s IPO in June of 2014. Coming into the release, investors were looking for robust sales numbers for the new Hero4 action camera that would help push sales numbers above expectations. GoPro also recently released its premium content licensing portal, thus opening another revenue stream for the San Mateo-based company. TheStreet's Whalen MacHale reports from New York.