GoPro reports improved sales and earnings

GoPro, Inc. announced financial results for its fourth quarter ended Dec. 31, 2021. Revenue was $391 million, up 9% year-over-year from $358 million, including GoPro.com revenue, including subscription revenue, increased 10% year-over-year to $128 million, or 33% of total revenue. GoPro and Quik subscription revenues totaled $16.8 million, up 118% year-over-year. Cameras with retail prices at or above $300 represented 100% of Q4 2021 camera revenue, up from 91% in the prior-year period.

For the full year, revenue was $1.16 billion, up 30% year-over-year from $892 million in 2020. GoPro.com total revenue, including subscription revenue, increased 39% year-over-year to $392 million, or 34% of total revenue. GoPro and Quik subscription revenues totaled $52.9 million, up 131% year-over-year. GoPro subscriber count ended 2021 at approximately 1.6 million, up 107% year-over-year.

“In 2021 GoPro navigated a challenging business environment – and thrived,” said Nicholas Woodman, GoPro’s founder and CEO. “We successfully launched innovative new hardware, software and subscription offerings and leveraged the first full year of our more direct-to-consumer, subscription-centric strategy to grow revenue, margin and profitability while generating a record year-end cash balance of $539 million.”

“The strategic shift we made in mid-2020 is bearing fruit in the form of financial and operational improvements,” said Brian McGee, GoPro’s CFO and COO. “The result has been strong revenue growth with significant margin improvement, combined with controlled spending, and leading to growing profitability and record cash flow generation.”

 

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