GoPro shares soar on third day of listingComment on this story
New York - GoPro shares soared as much as 12 percent, the video-camera maker’s third day of gains after an initial public offering last week.
The stock rose 8.5 percent to $38.80 at 11:44 a.m. in New York, after earlier trading as high as $40.
GoPro shares are up more than 60 percent since their market debut at $24 on June 25.
The San Mateo, California-based company is now valued at about $4.8 billion, compared with $2.96 billion in the IPO.
GoPro’s first-person-viewpoint cameras, which let surfers, sky divers and bungee jumpers document their exploits, have attracted a younger generation driven by selfies and sharing adventures on social media.
Last year, the company sold 3.8 million cameras, and customers uploaded almost 3 years of recorded footage.
GoPro is profitable and plans to boost revenue from content through media partnerships.
The camera maker distributes user-generated content through Facebook, the Instagram photo-sharing application and Twitter.
On Google’s YouTube alone, there have been more than 500 million views of GoPro videos.
While the company hasn’t yet derived revenue from media, it expects to start collecting fees this quarter from advertising through its partnerships with Microsoft’s Xbox Live and channels on YouTube and Virgin America. - Bloomberg News