GPRO - Why GoPro's Shares Popped 17.9% on Wednesday
2023-11-08 17:24:07 ET
Shares of action camera company GoPro (NASDAQ: GPRO) finally had a good day on Wednesday, climbing as much as 20.9% in trading. Shares closed the day up 17.9%, as investors were impressed by the company's earnings report and guidance.
GoPro's third-quarter results were better than expected, despite not being all that impressive. Revenue was down 4% from a year ago to $294.3 million but topped the $281 million that analysts expected. On the bottom line, GoPro reported earnings of $0.04 per share, doubling estimates.
Guidance is what really got investors excited. Management said they expect 2024 shipments to be up over 10% to 3.3 million to 3.5 million units and revenue to be $1.1 billion to $1.2 billion, with gross margin improving from 32% to 37%. That's all a big improvement -- if management can pull it off.
For further details see:
Why GoPro's Shares Popped 17.9% on Wednesday