Shares of action camera company GoPro (GPRO 0.77%) finally had a good day on Wednesday, climbing as much as 20.9% in trading. Shares closed the day up 17.9%, as investors were impressed by the company's earnings report and guidance.

GoPro's earnings beat expectations

GoPro's third-quarter results were better than expected, despite not being all that impressive. Revenue was down 4% from a year ago to $294.3 million but topped the $281 million that analysts expected. On the bottom line, GoPro reported earnings of $0.04 per share, doubling estimates.

Guidance is what really got investors excited. Management said they expect 2024 shipments to be up over 10% to 3.3 million to 3.5 million units and revenue to be $1.1 billion to $1.2 billion, with gross margin improving from 32% to 37%. That's all a big improvement -- if management can pull it off.

The value play for GoPro

The hope for investors is that GoPro is a good-enough value to be a good investment. The market cap right now is $483 million, and the company has $141.7 million in debt. That could be a great value if the company ends the year with $300 million in cash and grows next year, as management is expecting.

What I have to question is whether management can execute the strategy. They've gone from growth plans to shrinking the business to forecasting improving operations. All the while, the stock has dropped because reality has been disappointing. I'm not a buyer today, but I'll be watching future execution closely.