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 $80 million at the end of Q2 2020.
“In Q2 2020, we saw steadily increasing demand and better-than-expected sell-through across all geographies,” said Brian McGee, GoPro CFO and COO. “Our direct-to-consumer model is gaining momentum and we’re seeing a faster-than-expected rebound at retail. These factors, along with our strong hardware, software and subscription roadmap give us confidence going into the second half of the year.”
Results Summary:
|
Three months ended June 30, |
|||||||||||
|
($ in thousands, except per share amounts) |
2020 |
2019 |
% Change |
||||||||
|
Revenue |
$ |
134,246 |
$ |
292,429 |
(54.1) |
% |
|||||
|
Gross margin |
|||||||||||
|
GAAP |
30.3 |
% |
34.9 |
% |
(460) bps |
||||||
|
Non-GAAP |
31.6 |
% |
35.8 |
% |
(420) bps |
||||||
|
Operating income (loss) |
|||||||||||
|
GAAP |
$ |
(44,914) |
$ |
(6,947) |
546.5 |
% |
|||||
|
Non-GAAP |
$ |
(26,663) |
$ |
7,532 |
(454.0) |
% |
|||||
|
Net income (loss) |
|||||||||||
|
GAAP |
$ |
(50,975) |
$ |
(11,287) |
351.6 |
% |
|||||
|
Non-GAAP |
$ |
(29,721) |
$ |
4,193 |
(808.8) |
% |
|||||
|
Diluted net income (loss) per share |
|||||||||||
|
GAAP |
$ |
(0.34) |
$ |
(0.08) |
325.0 |
% |
|||||
|
Non-GAAP |
$ |
(0.20) |
$ |
0.03 |
(766.7) |
% |
|||||
|
Adjusted EBITDA |
$ |
(22,367) |
$ |
13,616 |
(264.3) |
% |
|||||
