GoPro announces first quarter revenue up 6%

 GoPro, Inc. announced financial results for its first quarter ended March 31, 2022. Revenue was $217 million, up 6% year-over-year from $204 million. GAAP net income was $6 million, or $0.04 per share, up from a net loss of $10 million or $0.07 per share in the prior-year period.

“We hit the ground running in 2022, successfully growing year-over-year revenue and profitability while launching exciting new products,” said Nicholas Woodman, GoPro’s founder and CEO. “With several additional products slated for launch later this year, we expect to continue this TAM-expanding trend.”

“The first quarter of 2022 represents another quarter of GAAP profitability, coinciding with GoPro’s strategic shift to becoming a more direct-to-consumer, subscription-centric business back in the second quarter of 2020,” said Brian McGee, GoPro’s CFO and COO. “Over that period, we’ve steadily grown revenue, gross margin and, importantly, GAAP profitability as well as cash.”

GoPro.com revenue, including subscription revenue, increased 8% year-over-year to $89 million, or 41% of total revenue. Subscription and service revenues totaled $19 million, up 73% year-over-year. Cameras with retail prices at or above $400 represented 92% of Q1 2022 camera revenue, up from 79% in Q1 2021.