GoPro Announces Second Quarter Results By Investing.com

Revenue of $186 million was 9% Above Guidance

GoPro Subscribers Grew 4% Year-over-Year to 2.53 million

Subscription and Service Revenue was $26 million, up 8% Year-over-Year

SAN MATEO, Calif., Aug. 6, 2024 /PRNewswire/ — GoPro, Inc. (NASDAQ: GPRO) announced financial results for its second quarter ended June 30, 2024, and posted management commentary, including forward-looking guidance, in the investor relations section of its website at https://investor.gopro.com.

“In Q2, revenue of $186 million exceeded guidance and our subscriber base grew 4% to 2.53 million,” said Brian McGee, GoPro’s CFO and COO. “Cash was flat sequentially as we reduced inventory ahead of launching two exciting new products in September.”

“Our rollout of new products starts next month with the launch of our new, significantly enhanced flagship camera, HERO13 Black, along with our new $199 entry-level HERO camera that features an entirely new design that we fully expect to wow both new and existing customers,” said Nicholas Woodman, GoPro’s founder and CEO.

Q2 2024 Financial Results

• Revenue was $186 million, down 23% year-over-year.
• Subscription and service revenue increased 8% year-over-year to $26 million, primarily due to improving retention rates that resulted in 4% ARPU growth. GoPro subscriber count ended Q2 at 2.53 million, up 4% year-over-year.
• Revenue from the retail channel was $137 million, or 74% of total revenue and down 17% year-over-year. GoPro.com revenue, including subscription and service revenue, was $49 million, or 26% of total revenue and down 35% year-over-year.
• GAAP net loss was $48 million, or a $0.31 loss per share, compared to a net loss of $17 million or $0.11 loss per share, in the prior year period.
• Non-GAAP net loss was $36 million, or a $0.24 loss per share, compared to a non-GAAP net loss of $8 million, or $0.05 loss per share, in the prior year period.
• GAAP and non-GAAP gross margin was 30.5% and 30.7%, respectively. This compares to GAAP and non-GAAP gross margin of 31.4% and 31.6%, respectively, in the prior year period.
• Adjusted EBITDA was negative $33 million, compared to negative $10 million in the prior year period.
• Cameras with Manufacturer’s Suggested Retail Prices (MSRP) at or above $400 represented 76% of Q2 2024 camera revenue. Q2 2024 Street ASP was $323, a 6% decrease year-over-year.
• Cash and marketable securities were flat sequentially at $133 million.

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