GoPro Shares Get a Boost From Microsoft Deal

GoPro Inc's founder and CEO Woodman holds a GoPro camera as he celebrates GoPro Inc's IPO at the Nasdaq Market Site in New York
GoPro Inc's founder and CEO Nick Woodman holds a GoPro camera as he celebrates GoPro Inc's IPO at the Nasdaq Market Site in New York City, June 26, 2014. Wearable sports camera maker GoPro Inc's initial public offering was priced at $24 per share, an underwriter said, valuing the company at up to $2.96 billion. REUTERS/Mike Segar (UNITED STATES - Tags: BUSINESS SCIENCE TECHNOLOGY) - RTR3VVQU
Photograph by Mike Segar — Reuters

It may have been a bad day for the stock market, but one struggling tech company managed to get a little lift after announcing a partnership with Microsoft.

On Friday, Microsoft (MSFT) said it signed a patent licensing agreement with action-camera maker GoPro (GPRO). The two companies revealed little about the specifics about the terms, only that it covers “certain file storage and other system technologies,” according to the announcement.

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“This agreement with GoPro shows the incredible breadth of technology sharing enabled through patent transactions,” Microsoft Technology Licensing president Nick Psyhogeos said in a statement. “Microsoft’s licensing of personal wearable technologies is seeing strong demand as we partner with companies from all industries to optimize solutions for their customers around the globe.”

GoPro has a rough couple of months after the company reported weak earnings in January and slashed around 7% of its staff.

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It continued Friday morning, along with many tech companies, when GoPro’s stock traded as low as $9.60, a far cry from the $93.70 its stock once reached during the fall of 2014. However, after the patent licensing deal was announced, GoPro’s shares rose 5.5% to $10.51 in after hours trading.

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