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GoPro Beats Wall Street Expectations Despite Plunging Sales

GoPro’s quarterly revenue plunged 47.4%, but beat analysts’ estimates, which have been sharply lowered on shrinking demand for the company’s body-mounted point-of-view cameras.

The company’s shares were up 2.4% in volatile trading after the bell on Wednesday.

GoPro’s revenue fell to $220.8 million in the second quarter ended June 30 from $419.9 million a year earlier.

Analysts on average were expecting revenue of $194.3 million, according to Thomson Reuters.

That is about 20% lower than the estimate on May 5, when GoPro reported first-quarter results and delayed the launch of its Karma drone until the holiday season.

The company, whose cameras are worn by surfers, skydivers, and other action junkies, said second-quarter units shipments rose 8% to 759,000 compared with the first quarter.

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Its average selling price increased 11% sequentially and 14% on a year-over-year basis.

GoPro (GPRO), however, maintained its full-year revenue guidance of $1.35 billion to $1.5 billion. Analysts on average were expecting revenue of $1.34 billion.

For more on what GoPro needs to do to stay relevant, watch:

GoPro posted a loss of $91.77 million, or 66 cents per share, for the second quarter compared with a profit of $35.03 million, or 24 cents per share, a year earlier.

Excluding items, GoPro lost 52 cents per share in the latest quarter, less than analysts’ estimates of 58 cents.