Following many quarters of financial losses, GoPro experienced a reversal of fortune, posting a net income of $15 million for the third quarter - a sharp improvement from the net loss of $104 million of the year-ago period – as revenues soared by 37 percent to $330 million.

The company said it has turned a corner, as it managed to dramatically reduce operating costs without impacting its product roadmap, shifting the focus away from its core wearable camera products toward drones and virtual reality.

After a strong sell-in, GoPro's Hero6 Black camera was launched globally at retail on Sept. 28. Prior to this launch, the company's Hero5 Black had remained the best-selling digital image camera in the U.S. for four straight quarters, according to the NPD Group.

The brand achieved strong revenue growth across all key regions. Sales in the Americas and Europe jumped by 20 percent and 26 percent, respectively, while Asia-Pacific rocketed by 153 percent. More than 50 percent of GoPro's revenues was generated in markets outside of the U.S. in the quarter. Japan was a highlight, with unit sales of cameras up by 99 percent. In China, a top-10 market for GoPro, the year-on-year increase in units reached 25 percent.

GoPro has just launched the revised version of its Karma drone in the U.K., Germany, France, South Korea and Japan. It was the #2 selling drone priced at $1,000 and above in the U.S. during the past two quarters, according to NPD. In addition, its Quik Mobile Video Editing App has been installed 18 million times year-to-date, with monthly active users up by 30 percent from the second quarter.

The quarterly gross margin decreased by 0.7 percentage points to 39.6 percent, but adjusted Ebitda was a positive $55.7 million, against a loss of $73.6 million, following a massive reduction in operating expenses, down to 37.1 percent of revenues.

Moving forward, the company will start this month shipping Fusion, a 5.2K spherical camera that captures a 360-degree perspective. With the GoPro App, Fusion users can share footage as VR content or, using the app's OverCaptureTM feature, “punch out” a traditional fixed-perspective video or photo from any angle in the spherical shot. OverCapture is scheduled for a launch in the GoPro App in January.

Despite this good performance, GoPro's share price fell by more than 10 percent after the results' announcement, as the company posted weaker-than-expected guidance on earnings for the fourth quarter, indicating that they will reach a level of about $42 million.