Action camera maker, GoPro, has finally achieved a major milestone, posting a US$15 million profit after several consecutive years of losses – a bleak forecast for the holiday quarter, has since sent the company’s stocks plunging 12% in extended trading.

GoPro’s Q3FY17 earnings report revealed a 37% growth in revenues to US$330 million, up from US$240.5 million last year. The results beat analysts forecasts of US$329.8 million.

The results are a welcome contrast, versus the US$104 million loss posted in the same quarter last year.

GoPro states its better-than-expected quarterly earnings results has largely been driven by increased demand for its drones and action cameras. The company also attributes lower operating costs – inclusive of recent layoffs – and a higher average sales price, as contributing factors to the recent results.

Loved by athletes and adventurers, the company affirms that the “strong performance” of its new Hero 6 Black camera has helped increase revenue.

GoPro claims that demand for predecessing camera, the Hero 5 Black, was “lighter than expected”. Chief Executive Officer, Nick Woodman, hopes holiday sales can offer a remedy, whilst adding that consumers are beginning to “warm” to GoPro’s base-level $150 Hero Session.

The company earned 15 cents per share [excluding items], smashing analysts’ forecasts of 2 cents.

Despite the stellar results, GoPro’s bleak revenue outlook for the holiday period (of just US$470 million) caused its shares to tumble 12% in extended trading. The results come significantly short of analysts’ expectations for around US$520 million.

The company forecasts fourth-quarter earnings per share to be between 37 cents and 47 cents – again, notably lower than analysts expectations of 57 cents per share.

Recent reports reveal that GoPro will launch its Fusion 360-degree camera later this year – claimed to produce videos suitable for 360-degree VR viewing, in addition to videos for normal 2D viewing.