GoPro made money last quarter, beat on revenue and is still down after hours. The company reported $363.1 million in first-quarter revenue, and net income of $16.75 million, is off 4 percent after regular trading pushed its shares up by the same percentage.

Why is it trading down? It isn’t wildly clear, to be frank. The market expected that the company would generate less revenue — $340.99 million — and lower adjusted profit of $0.18 per share. The company’s adjusted profit of $0.24 was a full third higher.

And its shares are down. GoPro did not provide guidance for the current quarter. Investors expect the company to report adjusted profit of $0.16 in the second fourth of 2015, on revenue of $333.7 million. Seeing sequential declines in revenue and profit are not surprising in companies that have seasonal revenue ebbs.

GoPro had a strong quarter. The company derived half its revenue from international sources, saw its adjusted profit spike 149 percent compared to the year-ago quarter, and grew its cash hoard by $70 million or so to $491.9 million in the span of three months.

What the heck might we make of the company’s performance, crossed with its share-price declines? Its trailing PE ratio or more than 50 and its PEG of a fat 1.31 could tell the story: Investors have sold GoPro shares down more than 50 percent from 52-week highs, and the company is still expensive on a multiple basis. If you’re richly valued, sometimes even a win isn’t enough.

GoPro also announced that it has acquired a company called Kolor, which deals in virtual reality.