Why GoPro Stock Was Up More Than 17% in November
Shares of action-camera company GoPro (NASDAQ: GPRO) rose by 17.7% in November, according to data provided by S&P Global Market Intelligence. This has been a terrible stock for investors, especially those who bought in during its early months as a public company. It's down more than 90% from the highs reached during its first year on the market, and trading for just over a third of its IPO price. But the company has changed its business model, and recent results suggest that management has started to turn things around.
On Nov. 5, GoPro reported strong results for the third quarter. Revenue was up 114% year over year to $280.5 million. More importantly, because of the growth in its direct-to-consumer business, its profit margin increased substantially. This allowed GoPro to report net income of $3 million according to generally accepted accounting principles (GAAP).
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Source Fool.com
