GoPro Inc., the famous maker of wearable video cameras is on solid demand in this holiday season. The company reported its profit for the fourth quarter that has nearly tripled now. The new results beat the expectations. The wearable devices first appealed to cyclists and surfers seeking unique methods to record their cool tricks. This kind of population has surged the demand and popularity among the general public.
The stock for these devices has doubled from its original public offering price of US$24 in June. However, it is now sloping from October’s intraday that is high of US$98.47.
Around 1,000 units per hour of Go-Pro products were sold in the holiday season for the entire quarter. The company plans to see more incredible content in 2015, said CEO at Go-Pro. The overall profit recorded was US$122.3 million, (83 cents a share), as compared to the previous year profit US$43.7 million (33 cents a share). The revenues surged to 75% to $633.9 million.
Revenue recorded by Thomas Reuters are expected to be of revenue $580 million and a per-share profit of 70 cents. The gross margins sharply grew from around 48% from 42%.
The company is working towards building a media business that will have content captured with popular cameras. The deal was unveiled last month to feature the Channel App on a new line of smart TVs ranging from LG Electronics.
Other opportunities are spurring this company as they plan to develop a drone product and have yet to tap the China market with its popular and cheaper devices, reported The Wall Street Journal.
Go-Pro devices - cameras and accessories are loyal among sports-oriented fans that allow them to strap these devices to the front of a helmet or bicycle. The recent years have brought in strong sales and units in 2013 with cameras at No. 1 selling camcorders, said IPO prospects.