May 11 (Reuters) – Action camera maker GoPro said on Monday that it intends to review a range of strategic options that could include a sale of the company or merger, sending its shares up more than 27% in after-hours trading.
This comes nearly a month after the company said it had engaged consulting firm Oliver Wyman to pursue new market opportunities for its technology within the defense and aerospace markets.
The California-based company said since then it received several unsolicited strategic inquiries, and its board has authorized it to engage a financial advisor to support a review.
Separately on Monday, GoPro reported a wider first-quarter adjusted loss from a year ago and a decline in total revenue as hardware, subscription and service revenue fell in the quarter.
For the quarter ended March 31, it posted a loss of 35 cents per share, compared to a loss of 12 cents per share a year ago.
GoPro had a market capitalization of $224 million as of last close, according to data compiled by LSEG.
In February, GoPro appointed insider Brian Tratt as its chief financial officer replacing Brian McGee.
(Reporting by Anshuman Tripathy in Bengaluru; Editing by Shailesh Kuber)
