GoPro announces second quarter 2019 results

• Second Quarter Results In-line with Guidance

• Revenue of $292 Million Increased 20% Sequentially and 3% Year-over-Year

• Sell-Through of Cameras at $300 and Above Increased More Than 90% Year-over-Year

• GoPro Plus Paid Subscribers Increased 15% Sequentially and 50% Year-over-Year

SAN MATEO, Calif., Aug. 1, 2019 /PRNewswire/ — GoPro, Inc.  announced financial results for its second quarter ended June 30, 2019.

“In the second quarter, we grew revenue and achieved profitability on a non-GAAP basis,” said founder and CEO Nicholas Woodman. “Given our continued sell-through momentum, channel inventory levels and the strength of new products slated for later this year, we are raising our outlook for the second half of 2019.”

Recent GoPro Highlights

• Revenue for Q2 2019 was $292 million, up 20% sequentially, 3% year-over-year, and 9% year-over-year excluding our aerial business, which we exited in 2018.
• GAAP gross margin for Q2 2019 was 35%, up from 29% in the same period a year ago. Non-GAAP gross margin for Q2 2019 was 36%, up from 31% in the same period a year ago.
• Q2 2019 GAAP net loss was $11 million, or an $0.08 loss per share. Non-GAAP net income was $4 million, or a $0.03 income per share, a $25 million improvement year-over-year.
• GoPro reduced Q2 2019 GAAP and non-GAAP operating expenses by $5 million and $7 million, a year-over-year reduction of 4% and 6%, respectively.
• Cash and investments totaled $130 million at the end of Q2 2019.
• GoPro’s Plus subscription service surpassed 252,000 active paying subscribers as of July 31, 2019, up 15% since our Q1 2019 Earnings Release dated May 9, 2019, and up more than 50% year-over-year.
• In the US, GoPro captured 94% dollar share of the action camera category in Q2 2019, according to the NPD Group. HERO7 Black was the No. 1 selling camera in all of digital imaging by unit volume, and GoPro’s HERO7 line plus its spherical camera, Fusion, were the top-four selling cameras in our category according to the NPD Group.
• In Europe, during Q2 2019, GoPro had three cameras in the top-five in our category, and in the $200 and above price band of the action camera category, GoPro held 83% and 82% market share in units and dollars, respectively, according to GfK.
• In APAC, GoPro sell-through grew by 11% and 1% in Q2 2019, year-over-year, on a dollar and unit basis, according to GfK.
• In Japan, GoPro market share of the action camera category in units increased from 58% to 59% in Q2 2019, year-over-year, according to GfK.
• In China, GoPro sell-through units grew by 9% in Q2 2019, year-over-year, according to GfK.
• Organic viewership of GoPro content achieved an all-time Q2 high in Q2 2019 with 158 million organic, non-paid views. GoPro’s YouTube channel registered a record 115 million organic views in the quarter, and in June the channel achieved 46 million organic views, our highest performing month, ever.
• Social followers increased by nearly 1 million in Q2 2019 to approximately 41 million, driven primarily by increases on YouTube and Instagram.
• GoPro.com drew record Q2 web traffic in Q2 2019, increasing 22% year-over-year and 9% sequentially. Ecommerce revenue increased 55% year-over-year.
• On July 31, 2019, GoPro merged the GoPro and Quik Apps, unlocking new features and tools for photo and video editing.
• In Q2, GoPro sold its 35 millionth HERO camera since the launch of the first HD HERO in 2009.
• In June, 2019, GoPro began manufacturing U.S. bound cameras in Guadalajara, Mexico.

Results Summary:

About GoPro, Inc.

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