GoPro Inc (NASDAQ:GPRO) announced Friday that its HERO7 Black camera has achieved the highest week-one retail unit sales of any new camera in the company's history.
"HERO7 Black's gimbal-like HyperSmooth video stabilization is officially a hit with consumers," said GoPro founder CEO Nicholas Woodman.
"Now that new owners are posting their HERO7 Black videos online, we're seeing very strong endorsement and interest," he added.
The company said that HERO7 Black's week-one sales performance was boosted by social media engagement which jumped 80% from last year's launch. Positive user feedback on HyperSmooth and TimeWarp Video also helped.
According to Digital Trends, the Hero7 Black retains the same look and feel as the Hero6 and Hero5 models, but GoPro has revamped it with “improved stabilization and live-streaming” and new shooting modes, a redesigned user interface, and better audio.
Meanwhile, Oppenheimer analysts foresee GoPro developing into a profitable company in the near future as management learns from its mistakes and takes a new perspective on the market.
“Management - with three new products in tow - is close to achieving what it set out to do: a good, better, best product launch strategy + clean channel in a robust demand environment. If successful, profitability and sustained growth should follow,” wrote analyst Andrew Uerkwitz.
Uerkwitz, who has a Perform rating on the share, says that instead of trying to sell everyday use cameras, GoPro is zoning in on the customers that would use its cameras to document travels or for story-telling purposes.
Shares of the camera company were up more than 3.5% to $6.48 in premarket trade.
Contact Uttara Choudhury at uttara@proactiveinvestors.com
Follow her on Twitter: @UttaraProactive