GoPro could be on upswing with strong Q2 results

LOS ANGELES — Struggling action camera maker GoPro could be seeing some light at the end of the tunnel. 

The San Mateo, Calif.-based company, which has been shuttering divisions and laying off employees over the last two years, announced second earnings on Friday that were better than what analysts expected. 

There were still losses: $30.5 million. But that's lower than the $91.8 million lost in the year-ago quarter. The company said quarterly revenue increased 34% to $297 million. 

GoPro said it expects fewer losses in the third quarter, and offered guidance of $290 million to $310 million in revenue.

In early trading, GoPro's stock was up 23%, at just over $10 a share. The 52-week high for the stock is $17.68. 

In a statement, GoPro founder Nick Woodman attributed lower losses to restructuring and said the company was on track "toward out goal of full-year non-GAAP profitability in 2017."

Later this year, GoPro has two new cameras slated for release. An update to its Hero line of action cameras, the Hero 6, will be released in the fall along with the Fusion, a high-end 360-degree virtual reality camera.

"We still have significant room to grow," Woodman told CNBC. 

Last week GoPro introduced free new software tools to enable automatic, wireless transfers from GoPro cameras to smartphones and instant tools to create automatically generated movies. 

Woodman called the apps the "biggest leap forward," for the struggling company since the invention of the GoPro camera in 2002. The revamped GoPro app and the QuikStories app are the solution "our customers have been dreaming about for years."

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