GoPro, Inc. (NASDAQ: GPRO) released its second quarter earnings report after the markets closed Tuesday. The company had $0.35 in earnings per share (EPS) on $420 million in revenue compared to Thomson Reuters consensus estimates of $0.26 in EPS on $395.22 million in revenue. The same period from last year had $0.08 in EPS on $244.60 million.

The company reported a gross margin of 46.4% compared to 42.2% in the same quarter from the previous year.

As of this quarter GoPro products are now sold in over 40,000 stores worldwide, reflecting the addition of new retail customers, increased store counts with existing customers, and international expansion.

The GoPro Mobile App was downloaded 2.5 million times in this quarter, totaling over 18 million cumulative downloads. At the same time, installs of GoPro Studio exceeded the 1.7 million mark, an increase of over 100% year over year.

GoPro did not give guidance but there are consensus estimates of $0.22 in EPS on $401.26 million in revenue for the third quarter. The consensus estimates for the full year are $1.66 in EPS on $1.89 billion in revenue.

International sales accounted for more than 50% of second quarter revenue; combined EMEA and APAC revenue was up 126% from the same period last year. Also China is now a top ten revenue-generating country for GoPro.

Nicholas Woodman, founder and CEO of GoPro, commented on earnings:

I couldn’t be more proud of our aggressive pace of innovation. With the introduction of HERO4 Session and HERO+ LCD, we’ve launched five new cameras in the past 10 months, exciting both new and existing customers and contributing to strong second quarter results. Our core business is enjoying terrific momentum as we charge forward into attractive adjacent markets.

Cash, cash equivalents and marketable securities totaled $517.0 million compared to $422.3 million at the end of December 2014.

GoPro shares closed Tuesday up 2% at $62.04 on a 52-week trading range of $37.13 to $98.47. Following the release of the earnings report, shares were down 2.5% at $60.50 in the after-hours trading session. The stock has a consensus analyst price target of $70.50.

At current prices, GoPro trades at roughly a 37.4 P/E multiple to 2015 expected earnings, as of Tuesday’s close. This could be one reason why the stock is responding poorly. Also, investors might be expecting GoPro to make a comeback, but they just need a little more convincing.

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