Company Performed Above Expectations 

The reintroduction of the GoPro Karma drone helped boost the company's first quarter, but it still reported a loss of about 44 cents per share.

TechCrunch reports that GoPro reported revenues of $218.6 million for the first quarter of 2017. That's up from $183.5 million in the first quarter last year.

"GoPro is executing a turnaround," said Nicholas Woodman, GoPro's Founder and CEO, in a press release. "We had a great first quarter and feel good about our outlook for the second quarter. We remain on track toward our goal of returning to full-year non-GAAP profitability in 2017."

The Karma drone is "off to a strong start," according to the release, and the aircraft equipped with a Hero5 Camera was the second-best-selling drone in the over $1,000 category in the U.S. on a unit basis.

GoPro also announced the launch of the Fusion 5.2K spherical camera pilot program. To optimize the Fusion user experience, the company says it is working closely with technology and content partners like Adobe and Fox Sports as well as content platforms like Facebook. Professional content creators can apply to participate in the pilot program for Fusion, a 5.2K spherical camera, expected to roll-out during the summer of 2017. A limited commercial release is expected by the end of the year.

The report certainly represents a turnaround for GoPro, which performed well below expectations in the 4th quarter of 2016, and announced layoffs last month that would cut 270 jobs beyond personnell cuts announced in November and January. The job cuts contributed to a reduction in operating expenses of about $50 million, according to TechCrunch.

(Image from file)

FMI: investor.gopro.com