GoPro is still having a rough go at it.
During the second quarter, the wearable camera maker said sales and profits fell sharply. However, results still managed to top the low expectations held by Wall Street analysts.
GoPro swung to a quarterly loss of $91.7 million, or 66 cents per share, compared to a profit of $35 million, or 24 cents, in the same period a year earlier. However, adjusting for certain items, the company's loss of 52 cents was better than the 58 cents Wall Street analysts were looking for.
Revenue fell 47% to $220.7 million, but still topped analyst estimates of $194.3 million.
GoPro has been struggling for a while as sales decline and investors question its ability to peddle products that will appeal to a wider swath of consumers than adventure junkies. Various missteps, like pricing its square Hero4 Session camera too high, haven't exactly inspired confidence. As a result, investors have sent its stock price tumbling 88% from its 2014 peak.
On Wednesday, GoPro gave an update on some of its new products. For instance, it said it would start selling its consumer drone, Karma, before the holiday season. It had previously planned to release it in the first half of the year but had to backpedal on that timing. GoPro also plans to come out with its latest iteration of its wearable camera, the Hero5, before gift-giving season.
"HERO5 and Karma will contribute to the largest introduction of products in our history, all in time for what we believe will be GoPro's most exciting fourth quarter, ever -- a quarter where we expect to return to profitability," said founder and CEO Nick Woodman in prepared remarks.
In addition to plans to return to profitability by the end of the year, the California-based company maintained its full-year revenue guidance of $1.35 billion to $1.5 billion. This compares to 2015 revenue of $1.6 billion.
As GoPro's stock price has tumbled, Woodman's fortune has been dragged down with it. As of the market close on Wednesday, he was worth just $1 billion, which is well below the $3.3 billion he was worth following the company's IPO in September 2014.
Shares of GoPro, which are traditionally very volatile and have dropped 36% this year, were oscillating between positive and negative territory in after-hours trading.
