This past week, with the aid of Black Friday and Cyber Monday deals, GoPro had record sales.
GoPro's shares soared with the release of their newest camera model, the Hero8, which "sold at record levels." The camera accounted for 90 percent of GoPro's online sales, which puts the company in a comfortable place as the year and Q4 wrap up.
A large majority of sales were through GoPro's website, and camera orders increased by 120% compared to their sales in 2018.
On Tuesday and Wednesday, the company's shares jumped by more than 4%. GoPro had anticipated strong sales with the new product release, but they did not expect to garner success like this. The U.S., European, and online markets were extremely profitable over the weekend and into this week.
GoPro always strives to innovate and upgrade its products, and "these strong sales show that customers are responding well to the company’s most recent camera innovations, which have boosted sales over the last two months" (CNBC).
The Hero8 is a revolutionary camera for the company, as it has new technology equipped with lights, a microphone, multiple camera lenses, stabilization ability, and a flip-up screen to view what the camera is capturing.
The debut of the Hero8 undoubtedly increased GoPro's profits and shares. In the third quarter of this year, they reported sales of $131 million. As the fiscal year closes, the new camera draws in success for the company.