GoPro Shares Soar 12% on Smaller Loss Than Expected

August 3, 2017, 9:13 PM UTC

GoPro reported a much smaller-than-expected quarterly loss, as it sold more flagship cameras internationally while the company reined in costs as part of its goal to return to profitability in 2017.

The company’s shares (GPRO)jumped 12% to $9.28 in after-market trading.

GoPro said on Thursday that majority of its second-quarter revenue was generated in markets outside of the United States, with sales of its higher-priced cameras, including the Hero5 Black, rising 13%.

The company also forecast a third-quarter adjusted loss of 6 cents per share, plus or minus 5 cents, on revenue of $300 million, plus or minus $10 million. Analysts were expecting a loss of 12 cents per share on revenue of $278.5 million.

GoPro’s net loss narrowed to $30.5 million, or 22 cents per share, from $91.8 million, or 66 cents per share, a year earlier.

Excluding items, GoPro reported a loss of 9 cents per share, smaller than analysts’ estimate of a loss of 25 cents, according to Thomson Reuters I/B/E/S.

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The company’s operating expenses declined 35.5% to $130.6 million.

GoPro, whose cameras are worn by surfers, skydivers and other action junkies, said revenue rose to $296.5 million in the quarter ended June 30 from $220.8 million a year earlier.

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Analysts on average had expected revenue of $269.6 million.

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