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GoPro announces first quarter 2019 results

First Quarter Revenue of $243 Million, Up 20% Year-over-Year

Revenue Grew in All Regions Year-over-Year

Record Organic Viewership of GoPro Content on Social Platforms

GoPro’s YouTube Channel Surpassed 2 Billion Lifetime Views in April 2019

SAN MATEO, Calif.May 9, 2019 /PRNewswire/ — GoPro, Inc. (NASDAQ: GPRO) announced financial results for its first quarter ended March 31, 2019.

“GoPro grew first-quarter revenue 20% year-over-year thanks to strong global demand for our products,” said founder and CEO Nicholas Woodman. “We are innovating in all areas of our business and driving disciplined expense and inventory management. We believe this, combined with the release of exciting new products, will drive continued growth and as a result, we are raising revenue and full-year non-GAAP profitability guidance for 2019.”

Recent GoPro Highlights

  • Revenue for Q1 2019 was $243 million, up 20% year-over-year. Excluding our aerial business, revenue would have increased 27% year-over-year.
  • GAAP gross margin for Q1 2019 was 33%, up from 22% in the same period a year ago. Non-GAAP gross margin for Q1 2019 was 34%, up from 24% in the same period a year ago.
  • Q1 2019 GAAP net loss was $24 million, or a $0.17 loss per share. Non-GAAP net loss was $10 million, or a $0.07loss per share.
  • GoPro reduced Q1 2019 GAAP and non-GAAP operating expenses by $19 million and $3 million, a year-over-year reduction of 16% and 3%, respectively.
  • Cash and investments totaled $133 million at the end of Q1 2019.
  • GoPro.com represented over 10% of revenue in Q1 2019, growing 90% year-over-year.
  • GoPro’s Plus subscription service surpassed 220,000 active paying subscribers as of May 8, 2019, up over 10% since our Q4 2018 Earnings Release dated February 6, 2019, and up more than 50% year-over-year.
  • In the US, GoPro captured 89% unit share and 97% dollar share of the action camera category in Q1 2019, up from 86% and 95%, respectively, year-over-year according to the NPD Group. HERO7 Black was the No. 1 selling camera in all of digital imaging by unit volume, and GoPro’s three HERO7 cameras were the top-three selling action cameras according to the NPD Group.
  • In Europe, in the $199 and above price band, GoPro held 86% unit and dollar share in Q1 2019, up slightly from 85% and 84%, respectively, year-over-year. Three out of the top-five action cameras sold by unit volume were GoPro cameras according to GfK.
  • Within the APAC region – ChinaJapan, Korea and Thailand – Q1 2019 sell-through grew in aggregate by 11% on a dollar basis year-over-year, according to GfK.
  • Organic viewership of GoPro content achieved an all-time quarterly high in Q1 2019 with 173 million organic, non-paid views.
  • Social followers increased by 1.3 million in Q1 2019 to approximately 40 million, driven primarily by increases on Instagram and YouTube. 
  • GoPro won Shorty Awards for “Best Overall Presence on Instagram,” and “Best User-Generated Content” for its Million Dollar Challenge Campaign.
  • GoPro’s YouTube channel surpassed 2 billion lifetime views on April 27Viewers have now watched nearly eight thousand years of GoPro content.

Results Summary:

Three months ended March 31,

($ in thousands, except per share amounts)

2019

2018

% Change

Revenue

$

242,708

$

202,346

19.9

%

Gross margin

GAAP

33.1

%

22.2

%

1,090

bps

Non-GAAP

34.2

%

24.3

%

990

bps

Operating loss

GAAP

$

(20,288)

$

(74,739)

(72.9)

%

Non-GAAP

$

(8,118)

$

(44,520)

(81.8)

%

Net loss

GAAP

$

(24,365)

$

(76,347)

(68.1)

%

Non-GAAP

$

(10,171)

$

(47,364)

(78.5)

%

Diluted net loss per share

GAAP

$

(0.17)

$

(0.55)

(69.1)

%

Non-GAAP

$

(0.07)

$

(0.34)

(79.4)

%

Adjusted EBITDA

$

(1,035)

$

(34,537)

(97.0)

%

Full release and numbers here.

About GoPro, Inc. (NASDAQ: GPRO)

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

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

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