GoPro announces first quarter 2021 revenue up 71%
GoPro Inc. reported first-quarter revenues were up 71% to $204 million, buoyed by a 224% increase in subscription revenue. Subscriptions were $82 million, resulting in 40% of quarterly revenue. The company has more than 1 million subscribers. GoPro sold about 700,000 camera units in the quarter, with an average retail price of $366.
“This is the new GoPro. We’ve evolved from a hardware unit-sales-centric business to a successful direct-to-consumer subscription-centric business with a significant opportunity to grow margin and profitability with continued subscriber growth,” said Nicholas Woodman, GoPro’s founder and CEO. “The value-creation implications of this shift are meaningful.”
“GoPro fired on all cylinders during the first quarter of 2021. Strong revenue growth globally, a continued shift to higher-end cameras, and subscription growth drove record ASP’s that resulted in expanded gross margins and operating results in the quarter,” said Brian McGee, GoPro’s CFO and COO.
Results Summary:
|
Three months ended March 31, |
||||||||||
|
($ in thousands, except per share amounts) |
2021 |
2020 |
% Change |
|||||||
|
Revenue |
$ |
203,680 |
$ |
119,400 |
70.6 |
% |
||||
|
Gross margin |
||||||||||
|
GAAP |
38.6 |
% |
32.2 |
% |
640 bps |
|||||
|
Non-GAAP |
39.2 |
% |
34.2 |
% |
500 bps |
|||||
|
Operating income (loss) |
||||||||||
|
GAAP |
$ |
(3,512) |
$ |
(56,114) |
93.7 |
% |
||||
|
Non-GAAP |
$ |
6,913 |
$ |
(46,654) |
114.8 |
% |
||||
|
Net income (loss) |
||||||||||
|
GAAP |
$ |
(10,168) |
$ |
(63,528) |
84.0 |
% |
||||
|
Non-GAAP |
$ |
4,835 |
$ |
(49,613) |
109.7 |
% |
||||
|
Diluted net income (loss) per share |
||||||||||
|
GAAP |
$ |
(0.07) |
$ |
(0.43) |
83.7 |
% |
||||
|
Non-GAAP |
$ |
0.03 |
$ |
(0.34) |
108.8 |
% |
||||
|
Adjusted EBITDA |
$ |
10,720 |
$ |
(41,356) |
125.9 |
% |
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