GoPro crushes on sales, whiffs on earnings, shares spike (GPRO)

Andrew Burton/Getty Images

GoPro reported first-quarter sales that were better than expected on Thursday.

The digital-camera maker's revenues totaled $183.5 million, topping the forecast for $169.1 million. But that's about half of what GoPro earned in the first quarter of last year.

The company reported a wider-than-expected adjusted loss per share of $0.63 ($0.59 expected according to Bloomberg.)

GoPro shares jumped as much as 6% in after-hours trading.

The market for the handy cameras that GoPro is known for has become very saturated, and this has some analysts concerned about the company's ability to compete well.

On its part, GoPro highlighted a number of data points that suggest its cameras are still outselling on a unit and dollar basis.

In January, GoPro announced that it was cutting 7% of its workforce. It also announced preliminary results for the prior quarter that were worse than forecast because of slow sales.

The company is now pivoting to drones, but consumers have to wait a little longer. "While we had to make the difficult decision to delay our drone, Karma, the upside is that Karma's launch should now benefit from the holidays," said CEO Nick Woodman in the earnings statement.

GoPro restated its earlier outlook for full-year revenues, and expects to rake in between $1.35 billion and $1.5 billion in 2016.

GoPro shares closed down 6% in regular trading on Thursday. They have tumbled 70% since the company went public in July 2014.Andrew Burton/Getty Images

NOW WATCH: FORMER GREEK FINANCE MINISTER: The single largest threat to the global economy