GoPro profits zoom past expectations with help from Asian markets

http://www.theguardian.com/technology/2015/jul/21/gopro-camera-quarterly-results-revenue

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Action camera maker GoPro Inc has reported better than expected quarterly profit and revenue, helped by strong sales in markets outside North America. GoPro, whose helmet- and body-mounted cameras are popular with surfers, skydivers and other adventure sports enthusiasts, has benefited from a focus on markets such as China, Japan and South Korea. The company earns more than half of its revenue from markets outside the United States.

“China is now a top 10 revenue-generating country for GoPro,” the company said in a statement on Tuesday.

Related: The rise of GoPro: why wearable cameras make us film everything

The company has also been beefing up its pipeline of cameras. In June, GoPro and Google Inc introduced a virtual reality system using 16 cameras and Google software that would help create a 360-degree view.

GoPro reported net income of $35m, or 24 cents per share, for the second quarter ended 30 June compared with a loss of $19.8m, or 24 cents per share, a year earlier. Excluding items, the company earned 35 cents per share. Revenue rose 71.7% to $419.9m. Analysts on average had expected a profit of 26 cents per share and revenue of $395.2m, according to Thomson Reuters I/B/E/S.

GoPro’s shares fell as much as 8% in after-hours trading on Tuesday, before recovering to $60.40.