GoPro announces second-quarter revenue up 86%

GoPro announced second-quarter revenue was $250 million, up 86% from the $134 million for the same quarter last year. The net income was $17 million, compared to a $51 million net loss last year. The company saw a boost in subscription revenue, in camera sales and sales through its own website. The company closed the quarter with 1.16 million GoPro subscribers, up 211% year-over-year and up 23% from the prior quarter. GoPro.com sales were up by 48% over last year to $88 million, now comprising 35% of total revenue. The company sold 820,000 cameras in the quarter.

“GoPro’s subscription-centric strategy delivered a stellar Q2 with improved margins and 86% year-over-year revenue growth,” said Nicholas Woodman, GoPro’s founder and CEO. “As a result of this better-than-expected momentum, we are increasing our revenue, margin, and earnings outlook for the second half and 2021.”

“In Q2, strong execution further revealed the benefits of the strategic shifts we’ve made in our business to a more direct-to-consumer, subscription-centric model,” said Brian McGee, GoPro’s CFO and COO. “We believe the changes to our business will continue to result in a more predictable and profitable GoPro.”