GoPro Inc. (NASDAQ: GPRO) is about to have its first earnings report as a public company, although the report does not cover the entire time that it was public. Earnings are due on Thursday after the close of trading.

What investors should understand about the GoPro earnings report is that it could end up being an indirect earnings report for Ambarella Inc. (NASDAQ: AMBA) as well. We featured this ahead of the GoPro IPO, noting that GoPro wasn’t even Ambarella’s only customer.

UPDATE: HERE IS GOPRO AND AMBARELLA REACTION TO EARNINGS

Thomson Reuters has the consensus estimates for GoPro as $0.06 in earnings per share and $237.7 million in revenues.

We are not sure whether GoPro will dare to offer sales guidance for the third quarter or for the full fiscal 2014. If so, its estimates are as follows:

• Q3: EPS of $0.06 on $253.5 million in revenue
• FY: EPS of $0.73 on $1.22 billion in revenue

We did note that the analyst quiet period expiration was given what we considered lackluster ratings, considering how hot the IPO was. That was shown as follows:

• J.P. Morgan (book-runner) started as Overweight with a $51 price target.
• Citigroup (book-runner) started as Neutral.
• Barclays (book-runner) started as Equal Weight with a $45 price target.
• Stifel (co-manager) started as Hold.
• Baird (co-manager) started as Neutral and $43 price target
• Piper Jaffray (co-manager) started as Overweight with $48 price target.
• Raymond James (co-manager) started as Market Perform.

With shares at $45.95 ahead of earnings and with a market cap of $5.65 billion, we wanted to see how this company is valued for investors. This is valued at 63 times expected 2014 earnings per share and at 4.6 times expected 2014 revenues.

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On the Ambarella front, Ambarella enjoyed a serious 50% gain or so in its stock ahead of the GoPro IPO. Ambarella is in a sense some of the key technology behind wearable cameras having such clear HD images. Back in June the company reported earnings and said:

Revenue for the first quarter of fiscal 2015 was $40.9 million, up 21% from $33.9 million in the same period in fiscal 2014. Gross margin under U.S. generally accepted accounting principles (GAAP) for the first quarter of fiscal 2015 was 62.5%, compared with 63.9% for the same period in fiscal 2014.

Ambarella shares were down 3% at $28.75 ahead of the GoPro earnings report. Its 52-week trading range is $13.16 to $36.49.

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