GoPro reports smaller loss on cost cuts

Action-camera maker GoPro Inc posted a smaller second-quarter loss on Thursday, helped by aggressive cost cuts and demand for its newer Hero cameras. GoPro's launch of variants of its flagship Hero cameras has enabled the company to fight back intensifying competition from pocket-friendly smartphones with constantly improving cameras.

The company said it was able to cut operating expenses by $5 million in the quarter, which helped gross margins improve to 35% from 29% a year earlier. The San Mateo, California-based company's net loss narrowed to $11 million, or 8 cents per share, in the three months ended June 30, from $37.3 million, or 27 cents per share, a year earlier.

Revenue rose 3% to $292 million. Analysts on average had expected $302.3 million, according to IBES data from Refinitiv.