Action camera maker GoPro reports bigger loss as costs double

31/07/2014 - 21:46

(Reuters) - GoPro Inc , which makes wearable cameras used by surfers, skydivers and other action junkies to post their exploits online, reported a bigger quarterly loss as costs nearly doubled.

GoPro shares fell 9.3 percent to $43.50 in extended trading.

The company spent $34.7 million on research and development in the quarter, more than double a year earlier, while general expenses jumped nearly six times to $41.2 million.

The net loss attributable to GoPro stockholders widened to $19.8 million in the second quarter from $5 million a year earlier, in the company's first quarterly results after its debut on the Nasdaq last month.

The company said revenue jumped 38 percent to $244.6 million in the quarter but operating expenses rose to $119.5 million from $62.8 million a year earlier.

Videos taken using the company's wearable cameras have made a big splash on the Internet. The company said in June its videos attracted more than 1 billion views in the first quarter on YouTube, where its channel has 2 million subscribers.

San Mateo, California-based GoPro went public late last month with shares jumping as much as 38 percent in their first day.

Up to Thursday's close, GoPro shares had doubled to $46.32 from its IPO price.

(Reporting by Abhirup Roy in Bangalore; Editing by Rodney Joyce)