GoPro Inc.’s second-quarter earnings and revenue fell short of expectations on Thursday, though the company said it was raising its outlook for the second half of the year.
The action camera company posted a net loss of $11 million, or 8 cents a share, compared with a loss of $76 million, or 55 cents a share, in the year-ago period. On an adjusted basis, GoPro GPRO, -4.91% swung to a profit of 3 cents a share from a loss of 15 cents a year prior. Analysts surveyed by FactSet had been modeling adjusted earnings per share of 4 cents.
Shares dove more than 7% in immediate after-hours trading following release of the results, but then recovered slightly to a loss of 5% to 6%. Shares have gained 20% this year, as the S&P 500 index SPX, -0.90% has risen 18%.
GoPro saw a 3% rise in revenue, to $292 million from $283 million, but that fell short of expectations, as analysts had been modeling $302 million on the top line. The company said that revenue would have been up 9% excluding the impact from the aerial business, which GoPro exited in 2018.
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The company said that sell-through of cameras priced at $300 and above rose by more than 90% on a year-over-year basis.
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“Given our continued sell-through momentum, channel inventory levels and the strength of new products slated for later this year, we are raising our outlook for the second half of 2019,” Chief Executive Nick Woodman said in a release, though that release didn’t specify the new outlook.
