GoPro is skyrocketing after forecasting an adjusted profit (GPRO)

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GoPro's stock price is up more than 20% on Thursday morning after announcing it expects to turn an adjusted profit in the third quarter.

The action camera company announced it expects gross revenue and margins to be at the high end of guidance, meaning the company expects to be profitable on a non-GAAP basis. The company previously announced a guidance range of $290 million to $310 million and margins of 36-38%.

Shares of GoPro took off shortly after the company announced the revised guidance. They climbed as much as 22.25% to $10.88 a piece, but have slipped off that level to around $10.60.

The company believes inventory channels are finally clear and ready for the rollout of the new Hero6 and Fusion 360 cameras, according to the company's news release.

In the release, CFO Brian McGee said that "consumer demand for GoPro products is strong."

GoPro is up 18.61% this year, including Thursday's gains.