GoPro Inc. on Thursday reported revenue for the second quarter of $292 million, up 3 percent from the year-ago quarter and ahead of analysts’ estimates by $9.9 million. That revenue total was also up 9 percent year-over-year excluding GoPro’s aerial business, which the company exited in 2018.
The company reported non-GAAP net income of $4 million, or 3 cents per share, up $25 million year-over-year but shy of Wall Street estimates by 1 cent.
“In the second quarter, we grew revenue and achieved profitability on a non-GAAP basis,” said founder and CEO Nicholas Woodman. “Given our continued sell-through momentum, channel inventory levels and the strength of new products slated for later this year, we are raising our outlook for the second half of 2019.”
Recent GoPro Highlights
- Revenue for Q2 2019 was $292 million, up 20 percent sequentially, 3 percent year-over-year, and 9 percent year-over-year excluding our aerial business, which we exited in 2018.
- GAAP gross margin for Q2 2019 was 35 percent, up from 29 percent in the same period a year ago. Non-GAAP gross margin for Q2 2019 was 36 percent, up from 31 percent in the same period a year ago.
- Q2 2019 GAAP net loss was $11 million, or an $0.08 loss per share. Non-GAAP net income was $4 million, or a $0.03 income per share, a $25 million improvement year-over-year.
- GoPro reduced Q2 2019 GAAP and non-GAAP operating expenses by $5 million and $7 million, a year-over-year reduction of 4 percent and 6 percent, respectively.
- Cash and investments totaled $130 million at the end of Q2 2019.
- GoPro’s Plus subscription service surpassed 252,000 active paying subscribers as of July 31, 2019, up 15 percent since our Q1 2019 Earnings Release dated May 9, 2019, and up more than 50 percent year-over-year.
- In the US, GoPro captured 94 percent dollar share of the action camera category in Q2 2019, according to the NPD Group. HERO7 Black was the No. 1 selling camera in all of digital imaging by unit volume, and GoPro’s HERO7 line plus its spherical camera, Fusion, were the top-four selling cameras in our category according to the NPD Group.
- In Europe, during Q2 2019, GoPro had three cameras in the top-five in our category, and in the $200 and above price band of the action camera category, GoPro held 83 percent and 82 percent market share in units and dollars, respectively, according to GfK.
- In APAC, GoPro sell-through grew by 11 percent and 1 percent in Q2 2019, year-over-year, on a dollar and unit basis, according to GfK.
- In Japan, GoPro market share of the action camera category in units increased from 58 percent to 59 percent in Q2 2019, year-over-year, according to GfK.
- In China, GoPro sell-through units grew by 9 percent in Q2 2019, year-over-year, according to GfK.
- Organic viewership of GoPro content achieved an all-time Q2 high in Q2 2019 with 158 million organic, non-paid views. GoPro’s YouTube channel registered a record 115 million organic views in the quarter, and in June the channel achieved 46 million organic views, our highest performing month, ever.
- Social followers increased by nearly 1 million in Q2 2019 to approximately 41 million, driven primarily by increases on YouTube and Instagram.
- GoPro.com drew record Q2 web traffic in Q2 2019, increasing 22 percent year-over-year and 9 percent sequentially. Ecommerce revenue increased 55 percent year-over-year.
- On July 31, 2019, GoPro merged the GoPro and Quik Apps, unlocking new features and tools for photo and video editing.
- In Q2, GoPro sold its 35 millionth HERO camera since the launch of the first HD HERO in 2009.
- In June, 2019, GoPro began manufacturing U.S. bound cameras in Guadalajara, Mexico.
Photo courtesy GoPro Inc.