GoPro Shares Surge Nearly 32% On Better-Than-Expected Subscription Numbers, , on October 8, 2020 at 2:43 am

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GoPro Inc (NASDAQ: GPRO) shares surged about 31.9% in Wednesday’s regular and after-market sessions as the adventure camera maker said there was “high demand” for its Hero9 Black product.What Happened: The demand for Hero9 Black has increased the number of GoPro subscribers to more than 500,000, GoPro said in a statement.”Our paid GoPro subscriber count is ahead of where we expected to be at this time and bodes well for us to exceed our previously-stated target of 600,000 to 700,000 paid subscribers by year-end,” said GoPro CEO Nicholas Woodman.GoPro said the vast majority of consumers buying the new $350 camera through its website were also purchasing the bundled annual “GoPro subscription” along with it.The camera maker said the demand for both the camera and the subscription drove a 230% growth in sales at its website in a comparable two-week period post its launch in 2019. Why It Matters: GoPro aimed to save $100 million in 2020 as a part of the restructuring, which involved selling products directly to customers.The COVID-19 pandemic affected the company’s global distribution network leading up to the transition. In April, the company laid off 20% of its employees due to the crisis.The digital action camera company launched a line of outdoor products in July that featured bags, apparel, and water bottles to give GoPro a more lifestyle-oriented image.Price Action: GoPro shares traded at $6.58 in the after-hPhoto courtesy: Vijapendyam via PixabaySee more from Benzinga * Options Trades For This Crazy Market: Get Benzinga Options to Follow High-Conviction Trade Ideas * Trump Touts Regeneron Antibody Cocktail As ‘Cure,’ Says ‘I Felt Good Immediately’ * Bill Gates Says Regulatory Approval For Antibody Drugs Could Sharply Reduce COVID-19 Mortality(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.,

GoPro Shares Surge Nearly 32% On Better-Than-Expected Subscription NumbersGoPro Inc (NASDAQ: GPRO) shares surged about 31.9% in Wednesday’s regular and after-market sessions as the adventure camera maker said there was “high demand” for its Hero9 Black product.What Happened: The demand for Hero9 Black has increased the number of GoPro subscribers to more than 500,000, GoPro said in a statement.”Our paid GoPro subscriber count is ahead of where we expected to be at this time and bodes well for us to exceed our previously-stated target of 600,000 to 700,000 paid subscribers by year-end,” said GoPro CEO Nicholas Woodman.GoPro said the vast majority of consumers buying the new $350 camera through its website were also purchasing the bundled annual “GoPro subscription” along with it.The camera maker said the demand for both the camera and the subscription drove a 230% growth in sales at its website in a comparable two-week period post its launch in 2019. Why It Matters: GoPro aimed to save $100 million in 2020 as a part of the restructuring, which involved selling products directly to customers.The COVID-19 pandemic affected the company’s global distribution network leading up to the transition. In April, the company laid off 20% of its employees due to the crisis.The digital action camera company launched a line of outdoor products in July that featured bags, apparel, and water bottles to give GoPro a more lifestyle-oriented image.Price Action: GoPro shares traded at $6.58 in the after-hPhoto courtesy: Vijapendyam via PixabaySee more from Benzinga * Options Trades For This Crazy Market: Get Benzinga Options to Follow High-Conviction Trade Ideas * Trump Touts Regeneron Antibody Cocktail As ‘Cure,’ Says ‘I Felt Good Immediately’ * Bill Gates Says Regulatory Approval For Antibody Drugs Could Sharply Reduce COVID-19 Mortality(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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