GoPro Rises in Late Trading on Licensing Pact With Microsoftby
GoPro Inc. shares got a lift in late trading after it said it signed a licensing agreement with Microsoft Corp.
Terms weren’t disclosed for the deal that involves patent sharing for file storage. The shares jumped 4.9 percent $10.45 at 4:28 p.m. in New York.
The announcement comes as GoPro is trying to convince investors it’s making progress on improving software editing capabilities for its action cameras. Sales of its flagship model stalled over Christmas and the company issued fourth-quarter earnings and a first-quarter forecast that were worse than analysts had forecast.
“This agreement with GoPro shows the incredible breadth of technology sharing enabled through patent transactions,” said Nick Psyhogeos, president of Microsoft Technology Licensing in a statement. “Microsoft’s licensing of personal wearable technologies is seeing strong demand as we partner with companies from all industries to optimize solutions for their customers around the globe.”