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GoPro (GPRO) Crosses 1,000 Granted Patents Mark, Boosts Innovation

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Continuing to ride on its technology prowess, GoPro, Inc. GPRO recently marked a major milestone by surpassing the mark of 1,000 granted patents. Since its formation in 2002, the leading action camera manufacturer has been capitalizing on latest technologies to integrate the same into its products and solutions. This, in turn, enhanced the video experience of millions of users, including content creators, across the globe.

Patents are considered a vital component of GoPro’s business. The company holds and designs various patents for innovation that aid customers to create and share content and photos on the back of avant-garde cameras, accessories, and software. GoPro’s patents include operational firmware and software, image processing, and distribution software, to name a few.

Thanks to industry-leading advancements, GoPro has been taking steps to solidify its position in the burgeoning virtual reality (VR) market. It also announced additional software improvements with its new GoPro VR app. The company is partnering with technology partners like Adobe Inc. ADBE and content platforms like Facebook, Inc. FB to optimize the immersive imagery video experience.

The app will allow content creators to generate revenues from their content and GoPro can license this content to global advertising brands. GoPro has been diligently working toward spreading its popularity across the spectrum through concentrated and successful marketing efforts.

Last month, the tech giant secured a patent from the United States Patent and Trademark Office for systems and methods in a bid to ascertain flight risk for unmanned aerial vehicles. Shares of the tech giant rose 1.8% on Aug 31 post the announcement of this news, thereby infusing positive investor sentiments. The latest achievement enabled GoPro to augment its U.S. patent portfolio by bringing the tally to more than 1,600.

GoPro aims to translate healthy momentum in its business, along with controlled costs, into growth and profitability. The company is optimistic about its prospects, mainly on account of the strong demand for its products in end markets. It has enhanced the Plus subscription service through benefits and user awareness.

It intends to transform itself from the ‘camera maker’ to ‘content maker’ and has taken significant steps to diversify into higher-margin businesses, including video editing and virtual reality. It is making investments in merchandising and retail advertising to drive a bigger brand presence while continuing to innovate. Further, it aims to expand its footprint in emerging markets like India and is focused on scaling its customer relationship management efforts to broaden customer base.

The Zacks Rank #3 (Hold) stock has soared 153.4% compared with the industry’s growth of 41.7% in the past year.

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A better-ranked stock in the industry is Sonos, Inc. SONO, which sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Sonos pulled off a trailing four-quarter earnings surprise of 297.3%, on average.

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