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GoPro announces $119 million in sales, as expected.

GoPro, Inc. announced first-quarter revenues were $119 million, in line with its preliminary reports, but down from the $243 million for the same period last year. The net loss in the quarter was $64 million.

“We’ve taken decisive action to transition into a more efficient and profitable direct-to-consumer business,” says Nicholas Woodman, GoPro founder and CEO. “This benefits GoPro with a substantially reduced operating expense model, improved gross margin and a significantly lower threshold to profitability.”

The company cited the following as highlights:

  • GoPro.com represented a record percentage of revenue in Q1 2020 at 17%, up from 11% in Q1 2019.
  • Cameras with retail prices above $300 represented nearly 90% of Q1 2020 revenue, continuing a trend of consumers moving to our high-end cameras.
  • GoPro’s Plus subscription service ended Q1 2020 with 355,000 paid subscribers, up 14% sequentially, and up 69% year-over-year.
  • Social followers increased by more than 1.3 million across all channels in Q1 2020 to more than 44 million, driven primarily by increases on Instagram, TiKTok and YouTube.
  • Organic viewership of GoPro content grew more than 40% both sequentially and year-over-year to a record quarterly high of 243 million organic, non-paid views in Q1 2020.
  • On April 15, GoPro announced Aimée Lapic, former Pandora and Banana Republic chief marketing officer, as its Chief Digital Officer to lead direct-to-consumer growth initiatives.

“While our business slowed due to COVID-19, consumers have continued to purchase GoPro cameras at substantial levels during the pandemic, and since early April we’ve seen sell-through trend in a positive direction,” said Brian McGee, GoPro CFO and COO. “Operationally we are performing well during a difficult period and we are extremely proud of our team’s dedication. We expect our shift to a more consumer-direct model allows us to succeed both during the pandemic and in the long-term.”

Results Summary:

Three months ended March 31,

($ in thousands, except per share amounts)

2020

2019

% Change

Revenue

$

119,400

$

242,708

(50.8)

%

Gross margin

GAAP

32.2

%

33.1

%

(90)

bps

Non-GAAP

34.2

%

34.2

%

Operating loss

GAAP

$

(56,114)

$

(20,288)

176.6

%

Non-GAAP

$

(46,654)

$

(8,118)

474.7

%

Net loss

GAAP

$

(63,528)

$

(24,365)

160.7

%

Non-GAAP

$

(49,613)

$

(10,171)

387.8

%

Diluted net loss per share

GAAP

$

(0.43)

$

(0.17)

152.9

%

Non-GAAP

$

(0.34)

$

(0.07)

385.7

%

Adjusted EBITDA

$

(41,356)

$

(1,035)

3,895.7

%

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