After years of losses, GoPro's main goal in 2017 was finding a way to make its business profitable. And it looks like the company finally succeeded during the third quarter, where it saw a net income of $15 million, according to its latest earnings report. That's not much, but it's a big improvement over last year's $104 million loss during the same quarter. Analysts expected to its revenues to jump by 30 percent, but GoPro surpassed that with 37 percent growth, reaching $330 million (compared to $240.5 million last year).
But while GoPro had a strong showing this quarter, investors weren't too pleased about its holiday revenue outlook of $470 million, driving its stock down to 10 percent at the time of this post. Analysts were expecting around $520 million in holiday sales.
The company credits its improved business on lower operating costs and a higher average sales price (ASP). It expects operating expenses to drop by 30 percent in 2017 (it sounds like those layoffs are paying off), and during the quarter they reached a three-year low. Its ASP, meanwhile, increased 22 percent this quarter. In particular, GoPro says "strong perfomance" from its $500 Hero 6 Black camera helped push that figure higher.
- This article originally appeared on Engadget.