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.

Steve Symington has no position in any stocks mentioned. The Motley Fool owns shares of and recommends GoPro. The Motley Fool has the following options: short January 2019 $12 calls on GoPro and long January 2019 $12 puts on GoPro. The Motley Fool has a disclosure policy.