RTTNews | May 7, 2021 11:08AM EDT

11:07 Friday, May 7, 2021 (RTTNews.com) - Shares of GoPro, Inc. (GPRO) are currently climbing over 15% on Friday morning after its first-quarter results trumped Wall Street estimates reflecting the company's transition from a hardware unit to a direct-to-consumer subscription business.

GPRO is currently trading at $12.09, up $1.65 or 15.80%, on the Nasdaq.

First-quarter loss was $10 million or $0.07 per share, narrower than last year's loss of $64 million or $0.43 per share. Adjusted earnings were $0.03 per share, compared to an adjusted loss of $0.34 per share last year.

Revenues for the quarter grew 71% to $204 million from $119 million last year.

Analysts polled by Thomson Reuters expected the company to report break even per share and revenues of $203.68 million for the quarter.

"This is the new GoPro. We've evolved from a hardware unit-sales-centric business to a successful direct-to-consumer subscription-centric business with a significant opportunity to grow margin and profitability with continued subscriber growth," said Nicholas Woodman, GoPro's founder and CEO.

GoPro said its subscriptions surpassed one million in April 2021, while camera sales was about 700,000 units in first quarter.

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