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GoPro announces second quarter 2018 results

Revenue of $283 Million, up 40% Sequentially

Market Share Grows Internationally

Fusion Captured 48% of the Spherical Camera Market in the US

GoPro is the #1 Selling Camera in North America for the 18th Straight Quarter

SAN MATEO, Calif., Aug. 2, 2018 /PRNewswire/ — GoPro, Inc. (NASDAQ: GPRO) announced financial results for its second quarter ended June 30, 2018.

“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% year-over-year and up 40% quarter-over-quarter.
  • GAAP gross margin for the quarter was 29%, up from 22% in Q1 2018. Non-GAAP gross margin for the quarter was 31%, up from 24% in Q1 2018.
  • Q2 2018 GAAP net loss of $37 million represents a 51% 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%, year-over-year. GoPro reduced non-GAAP operating expenses by $13 million, or 11% 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 US, GoPro held 97% 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 US, Fusion captured 48% 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% by unit volume. In Korea, sell-through grew by 22% 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% 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.

 

Results Summary:

Three months ended June 30,

($ in thousands, except per share amounts)

2018

2017

% Change

Revenue

$

282,677

$

296,526

(4.7)%

Gross margin

GAAP

29.5%

35.6%

(610) bps

Non-GAAP

30.8%

36.2%

(540) bps

Operating loss

GAAP

$

(30,836)

$

(24,983)

(23.4)%

Non-GAAP

$

(16,719)

$

(9,250)

(80.7)%

Net loss

GAAP

$

(37,269)

$

(30,536)

(22.0)%

Non-GAAP

$

(20,843)

$

(12,914)

(61.4)%

Diluted net loss per share

GAAP

$

(0.27)

$

(0.22)

(22.7)%

Non-GAAP

$

(0.15)

$

(0.09)

(66.7)%

Adjusted EBITDA

$

(8,697)

$

5,120

(269.9)%

 

About GoPro, Inc. (NASDAQ: GPRO)

GoPro helps the world celebrate and share itself in immersive and exciting ways.

GoPro, HERO, Karma, Quik, QuikStories and their respective logos are trademarks or registered trademarks of GoPro, Inc. in the United States and other countries.

For more information, visit www.gopro.com. GoPro users can submit their photos, raw clips and video edits to GoPro Awards for social stoke, GoPro gear and cash prizes. Learn more at www.gopro.com/awards. Connect with GoPro on FacebookInstagramLinkedInPinterestTwitterYouTube, and GoPro’s blog The Inside Line.

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