GoPro reports third-quarter revenue of $294 million
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GoPro, Inc. announced third-quarter revenue of $294 million, down 4% from last year, while the quarterly net loss was $4 million, compared to $18 million in net income. GoPro subscriber count ended Q3 at 2.5 million, up 20% year-over-year.
“GoPro had a strong third quarter, demonstrating the merits of the growth strategy we initiated in May,” said Nicholas Woodman, GoPro’s founder and CEO. “The successful launch of HERO12 Black combined with strong entry-level product sales and our growing retail presence to help us exceed our Q3 revenue and unit sales expectations and finish the quarter with 2.5 million subscribers.”
“We are pleased to see how our TAM expansion strategy contributed to unit and subscriber growth in Q3,” said Brian McGee, GoPro’s CFO and COO. “We’re looking forward to the Q4 holiday season and we believe our growth strategy will be a catalyst for meaningful revenue, subscriber and earnings growth in 2024.”
Results Summary:
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Three months ended September 30, |
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($ in thousands, except per share amounts) |
2023 |
2022 |
% Change |
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Revenue |
$ 294,299 |
$ 305,130 |
(3.5) % |
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Gross margin |
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GAAP |
32.0 % |
38.0 % |
(600) bps |
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Non-GAAP |
32.2 % |
38.2 % |
(600) bps |
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Operating income (loss) |
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GAAP |
$ (3,787) |
$ 24,431 |
(115.5) % |
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Non-GAAP |
$ 5,745 |
$ 33,356 |
(82.8) % |
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Net income (loss) |
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GAAP |
$ (3,684) |
$ 17,570 |
(121.0) % |
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Non-GAAP |
$ 6,309 |
$ 31,847 |
(80.2) % |
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Diluted net income (loss) per share |
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GAAP |
$ (0.02) |
$ 0.10 |
(120.0) % |
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Non-GAAP |
$ 0.04 |
$ 0.19 |
(78.9) % |
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Adjusted EBITDA |
$ 7,232 |
$ 35,200 |
(79.5) % |
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