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GoPro reported better than expected results on Thursday, GPRO stock then grew more than 12% almost in an instant. According to Nicholas Woodman, CEO of the company, increasing demand and cost-saving initiatives are behind the earnings.

Instead of losing 25 cents per share (as analysts previously estimated), the company lost only 9 cents per share. GoPro has almost fulfilled the expected revenue goal of $269.6 million, which is especially impressive when compared to $220.8 million of the same quarter last year. Over 50 percent of all sales come from outside the United States.

This year is not the best year for the company, at least before the most recent earnings report. The company lost 4% of its value since the beginning of 2017. The stunning earnings report, however, managed to initially send the stock price up 17%, that was later corrected by the market to 12%.

According to Nicholas Woodman, the company will turn profit by the end of the current year. Third-quarter loss, however, is estimated to exceed the one of the Q2, being equal to 12 cents. Revenue of GoPro is projected to grow to between $290 million and $310 million. New products and software features to be launched later this year are expected to contribute to growing profitability.

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