GoPro Inc. posted quarterly revenue of $363.1 million, a 54 percent increase versus the same period last year.
Analysts had expected revenue of $341 million, according to FactSet.
Profits for the quarter increased by 52 percent, to $16.8 million or 13 cents per share.
This is the fourth consecutive quarter that GoPro has exceeded analyst expectations since its IPO in June 2014.
GoPro Inc. announces acquisition of Kolor
The action video camera maker announced the acquisition of French software maker Kolor.
Kolor offers solutions to let users create panoramic images, virtual tours and 360-degree videos.
“We are excited to welcome Kolor to GoPro,” GoPro CEO Nicholas Woodman said in a statement. “GoPro’s capture devices and Kolor’s software will combine to deliver exciting and highly accessible solutions for capturing, creating and sharing spherical content.”
Kolor said that “GoPro’s capture devices and Kolor’s software will combine to deliver exciting and highly accessible solutions for capturing, creating and sharing spherical content. The transaction is scheduled to close in May, when we’ll officially be part of GoPro.”
Alexandre Jennym Senior Director Immersive Media Solutions at GoPro, said:
“This is a unique opportunity to give professionals and casual users the chance to use the advanced technologies that Kolor develops.”
According to CNET, GoPro is exploring new ways to expand its business beyond “simply selling cameras for skiers, race drivers and other sports-adventure enthusiasts.”
Apparently the company is also planning to enter the drone market.
Shares of GoPro inc gained 4.1 percent during regular trading and increased by $4.36, or 9.3 percent, to $51.38 in aftermarket trading.