What happened

Shares of GoPro Inc. (NASDAQ:GPRO) are flying higher today, up 23.7% as of 12:30 p.m. EDT, after the action camera and drone specialist announced better-than-expected second-quarter 2017 results.

So what

Quarterly revenue increased 34% year over year to $296.5 million -- well above guidance provided last quarter for a range of $260 million to $280 million -- helped by an 18% sequential increase in global sell-through of cameras. GoPro's Karma drone was also the No. 2-selling drone brand in the U.S. during the quarter, according to NPD data.

On the bottom line, that translated to an adjusted net loss of $12.9 million, or $0.09 per share, narrowed from an adjusted net loss of $72.6 million, or $0.52 per share in the same year-ago period. By comparison, analysts' consensus estimates predicted GoPro would incur a much larger adjusted net loss of $0.16 per share.

GoPro's HERO5 Black and HERO5 Session cameras

Image source: GoPro.

Now what

For the third quarter of 2018, GoPro expects revenue in the range of $290 million to $310 million, and an adjusted loss per share of $0.06, plus or minus $0.05 per share. Both ranges were well above Wall Street's models for third-quarter revenue of $278.5 million and an adjusted net loss of $0.12 per share.

Finally, GoPro now expects GAAP operating expenses to be below $570 million (compared to below $580 million previously), and reiterated its expectation for adjusted (non-GAAP) operating expenses of under $495 million.

All things considered, this was a stellar performance from GoPro as it continues to execute its turnaround.