GoPro announces second-quarter revenues up 12%

GoPro, Inc. announced financial results for its second quarter ended June 30, with revenue up 12% of $134 million. Sales from GoPro.com grew to 44%. The company sold 750,000 units.

Our strategic shift to a more direct-to-consumer business with lower operating costs is working,” said Nicholas Woodman, GoPro founder and CEO. “Camera sell-through during Q2 demonstrates resilient consumer demand for GoPro and an increasing shift to online shopping. We believe GoPro has proven to be a part of global consumers’ ‘new normal’ during the pandemic and we feel well-positioned for the remainder of the year.”

GoPro Q2 2020 Financial Results

• Revenue for Q2 2020 was $134 million, a 12% sequential improvement from $119 million in Q1 2020.
• GAAP gross margin for Q2 2020 was 30.3%, down from 34.9% year-over-year. Non-GAAP gross margin for Q2 2020 was 31.6%, down from 35.8% year-over-year.
• Q2 2020 GAAP net loss was $51 million, or $0.34 per share. Non-GAAP net loss was $30 million, or $0.20 per share.
• Q2 2020 GAAP operating expenses of $86 million decreased 22% year-over-year. Q2 2020 non-GAAP operating expenses were $69 million, down 29% year-over-year. GAAP and non-GAAP operating expenses were at their lowest levels since Q1 2014 and Q3 2013, respectively.
• Adjusted EBITDA for Q2 2020 was negative $22 million, compared to $14 million in the same period a year ago.
• Cash and investments totaled $80 million at the end of Q2 2020.

“In Q2 2020, we saw steadily increasing demand and better-than-expected sell-through across all geographies,” said Brian McGee, GoPro CFO and COO. “Our direct-to-consumer model is gaining momentum and we’re seeing a faster-than-expected rebound at retail. These factors, along with our strong hardware, software and subscription roadmap give us confidence going into the second half of the year.”

Results Summary: