GoPro also issued fourth-quarter revenue guidance of $550 million to $580 million, compared to an average analyst estimate of $503 million.

The company posted third-quarter earnings per share of 12 cents on revenue of $280 million. Analysts had expected GoPro to report earnings of 8 cents per share on $266 million in revenue, according to a consensus estimate from Thomson Reuters.

Nick Woodman, founder and CEO of GoPro, celebrates during the company's initial public offering at the Nasdaq Stock Exchange on June 26, 2014, in New York City.

Following the earnings announcement and guidance, the stock popped over 11 percent in after-hours trading, before settling at a 10 percent increase.

GoPro's third-quarter revenue represented a 45.7 percent increase compared to the $192.1 million in Q3 2013.

"I think the key was the revenue number. We were expecting 38 percent. It surpassed the whisper numbers. And the gross margin was a strong 45 percent," said The Street's Nicole Sinclair. "It's key because GoPro is coming out with new Hero products this season. There are some lower priced items and we want to see how it impacts margins. I think it's a stellar report."



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GoPro, which makes personal cameras, completed an initial public offering in June, and the stock has rocketed since then. Shares stood at more than $67 on Thursday afternoon—a roughly 180 percent increase from the $24 IPO price, but down from highs above $90 earlier this month.

Some analysts, however, have predicted trouble for the company as it attempts to transition from the action sports niche into more traditional capturing roles.

"If we think about 2014, we do think it's going to be a big year. We think the holiday season's going to be great," Oppenheimer analyst Andrew Uerkwitz told CNBC last week. "But as GoPro pivots away from action capture, what they've been known for, into what we call life-logging—you know, taking pictures of your kids' wedding, etc.—I think that's going to be a very difficult market to crack. And ultimately we think growth rates will decelerate pretty rapidly as we head through 2015, 2016."



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This past third-quarter featured the introduction of GoPro's HERO4 camera, which company founder and CEO Nicholas Woodman highlighted in the earnings announcement.

"The global scale and execution of our HERO4 launch made this the most successful roll out in GoPro's history," Woodman said. "HERO4 pushes the performance envelope of our Emmy Award winning capture technology...This positions us well for an exciting holiday season."

Sinclair concurred with this assessment. "It's all about the holidays—it's a sexy stock," she said.