GoPro Inc. reported a loss of $20.8 million, or 15 cents per share, for the second quarter ended June 30, compared to a loss of $12.9 million, or 9 cents per share, in the same period a year ago. The net loss beat Wall Street estimates by 7 cents.

The company, which notched a milestone in Q2 by selling its 30 millionth camera since the company’s founding in 2009, reported revenue of $283 million, beating analysts’ estimates by $12.8 million.

“GoPro is executing,” said founder and CEO Nicholas Woodman. “We are on track; sell-through is solid in all regions indicating strong demand, and we believe GoPro will be profitable in the second half of 2018. Our plan is to exit the year with an improved margin profile we believe translates into a profitable 2019.”

Recent GoPro Highlights

  • Revenue for Q2 2018 was $283 million, down 5 percent year-over-year and up 40 percent quarter-over-quarter.
  • GAAP gross margin for the quarter was 29 percent, up from 22 percent in Q1 2018. Non-GAAP gross margin for the quarter was 31 percent, up from 24 percent in Q1 2018.
  • Q2 2018 GAAP net loss of $37 million represents a 51 percent sequential improvement–resulting in a $0.27 loss-per-share and a non-GAAP net loss of $21 million, or $0.15 loss per share.
  • Cash and investments totaled $140 million at the end of Q2 2018.
  • Inventory decreased by $47 million from Q1 2018, GoPro’s lowest level since Q2 2014.
  • GoPro reduced GAAP operating expenses by $16 million, or 13 percent, year-over-year. GoPro reduced non-GAAP operating expenses by $13 million, or 11 percent year-over-year. In 2018, GoPro is targeting non-GAAP operating expenses below $400 million.
  • HERO5 Black sold more than four million units since its launch in 2016–making it the best-selling GoPro of all time, achieving the record three months sooner than the previous record holder, HERO4 Silver.
  • In the U.S., GoPro held 97 percent dollar share of the action camera category. The top five cameras sold by unit volume were all GoPros in Q2 2018 according to the NPD Group.
  • In the U.S., Fusion captured 48 percent dollar share of the spherical camera market according to the NPD Group.
  • In Europe, GoPro held four of the top five selling action cameras in Q2 2018 according to GfK.
  • In Asia, GoPro held four of the top five selling action cameras. In Japan, GoPro’s share of the action camera market increased to 58 percent by unit volume. In Korea, sell-through grew by 22 percent by dollar volume year-over-year according to GfK.
  • ‘Plus’ subscription service has 160,000 active paying subscribers at the end of Q2 2018, up 9 percent quarter-over-quarter.
  • Social followers increased by more than 760,000 to more than 36 million across all platforms, driven primarily by quarter-over-quarter increases on YouTube and Instagram.
  • Ty Ahmad-Taylor was appointed to GoPro’s Board of Directors. Mr. Ahmad-Taylor brings decades of experience in the media and consumer electronics industries and is currently vice president of Product Marketing at Facebook.
  • For the 18th straight quarter, GoPro is the number one selling camera by unit volume in North America. In Q2 2018, GoPro sold its 30 millionth camera since the first HD Hero in 2009.