GoPro shares soar on 1st day of trading

Shares in the company behind GoPro cameras, used to capture sports action from players’ perspectives, jumped more than 30 per cent on their 1st day of trading. GoPro shares were trading at $31.34 at close of the Nasdaq on Thursday. The opening trade of the day was $28.65, while the stock was priced at $24 for its initial public offering late Wednesday. GoPro raised about $425 million in a stock market debut that gave the Silicon Valley company a value just shy of $3 billion given the approximately 123 million shares released into the wilds of the market. GoPro didn't disclose how it planned to price shares, but it did reveal that it is already profitable, making a net income of $60.6 million on nearly a billion dollars in revenue last year. GoPro said in a filing with the US Securities and Exchange Commission that profit slowed to $11 million on $235.7 million in revenue in the first three quarters of this year, according to AFP.