FILE PHOTO: A GoPro camera, is featured in this image: photo, January 9, 2018. REUTERS/Thomas White/Illustration
(Reuters) – Action camera maker GoPro Inc (GPRO.O) posted a smaller second-quarter loss on Thursday, helped by aggressive cost-savings and the demand for the newer Hero of the cameras.
GoPro’s launch of variants of its flagship Hero camera, the company will be able to get back to the fight, stepping up the competition with the pocket-friendly smartphones running on the continuous improvement of the camera.
The company said it was able to cut operating expenses by $5 million in the quarter, bringing the company’s gross margin to improve to 35% and 29% for the prior year.
The San Mateo, Calif. – based company’s net loss narrowed to $ 11 million, or 8 cents per diluted share, for the three-month period ended June 30, from $ 37.3 million, or 27 cents a share, a year earlier.
Revenue increased by 3% to $292 million. Analysts, on average, had expected $302.3 million, according to IBES data, Refinitiv.
Reporting Akanksha Rana and Vibhuti Sharma in Bengaluru; Editing by Sriraj Kalluvila