GoPro reports full-year revenue up 4%

GoPro Inc. announced financial results for its fourth quarter and full-year ended December 31, 2019. Full-year revenue was $1.195 billion, up 4 % over last year, with fourth-quarter revenue up 40% to $528 billion. Net income for the year was $96 million.

“GoPro achieved both revenue growth and full-year non-GAAP profitability in 2019 due to strong sell-through throughout the year and the Fall launch of our two new flagships, HERO8 Black and MAX,” said Nicholas Woodman, GoPro founder and CEO.  “We believe we are well-positioned to meaningfully expand both margin and EPS in 2020 thanks to the strength of our entire product line, high-margin Plus subscription service and app monetization strategy.”

Additionally, Brian McGee, who has served as GoPro’s Chief Financial Officer since March 2016, has been appointed to Chief Operating Officer in addition to his ongoing role as Chief Financial Officer, effective February 3, 2020. “Brian has proven himself to be a tremendously important leader at GoPro with a deep understanding of our business. All of us at GoPro are excited to work with Brian in his new, expanded role,” added Woodman.

Highilghts cited by the company:

• GoPro.com represented more than 10% of revenue in 2019, growing more than 40% year-over-year.
• In the US, HERO8 Black was the No. 1 selling camera in all of digital-imaging by unit volume in Q4 2019, according to the NPD Group.
• In the US, GoPro captured 93% dollar share of the action camera category in Q4 2019, according to the NPD Group.
• In 2019, 90% of GoPro’s revenue came from the $300 and above price band, up from 62% in 2018.
• In Q4 2019, MAX captured 54% and 66% unit and dollar share, respectively, of the spherical camera market in the US, according to NPD Group. Collectively, MAX and Fusion captured 62% unit and 72% dollar share of the spherical camera market in the US in Q4 2019, up from 14% and 38% respectively, year-over-year, according to NPD Group.
• GoPro’s Plus subscription service surpassed 334,000 active paying subscribers as of January 31, 2020, up 10% since our Q3 2019 Earnings Release dated November 7, 2019, and up 69% year-over-year.
• In Europe, during Q4 2019, GoPro had four of the top five cameras in the action camera category, and in the $200 and above price band of the action camera category, GoPro held 83% dollar share and 82% market share in units, according to GfK.
• In China, GoPro sell-through increased by 42% and 21%, by units and dollars, respectively in Q4 2019, year-over-year, according to GfK.
• In Japan, GoPro market share of the action camera category increased from 57% to 61% and 68% to 73% in units and dollars respectively in Q4 2019, year-over-year, according to GfK.
• In Korea, GoPro market share of the action camera category increased from 36% to 44% and 53% to 59% in units and dollars respectively in Q4 2019, year-over-year, according to GfK.
• In Thailand, GoPro market share of the action camera category increased from 57% to 66% and 87% to 91% in units and dollars respectively in Q4 2019, year-over-year, according to GfK.
• Organic viewership of GoPro content across all channels achieved an all-time high in 2019, with more than 2 million organic views per day across all channels in 2019, 737 million organic non-paid views in total, a 29% increase year-over-year.

Results Summary: