GoPro second-quarter income up slightly

GoPro, Inc. reported second-quarter revenue was up slightly or the period ended June 30, 2022. Revenue was $251 million, up slightly year-over-year from $250 million, with a strong U.S. dollar unfavorably impacting Q2 revenue by approximately $8 million year-over-year, the company said.

GoPro.com revenue, including subscription and service revenue, increased 9% year-over-year to $95 million, or 38% of total revenue. Subscription and service revenue increased 71% year-over-year to $20 million. GoPro subscriber count increased 65% year-over-year to 1.91 million.

GAAP net income was $3 million, or $0.02 per share, down from net income of $17 million or $0.10 per share, which included a $12 million tax benefit in the prior year period. Non-GAAP net income was $13 million, or $0.08 per share, down 36% from $20 million, or $0.12 per share in the prior year period.

“GoPro shined in the second quarter, exceeding expectations on sell-through, revenue, and earnings per share,” said Nicholas Woodman, GoPro’s founder and CEO. “We’re excited about our upcoming hardware and software launches in the second half of 2022, and we expect them to contribute to continued profitability and impressive subscription growth.”

“In the second quarter, Asia Pacific and Europe recovered with strong year-over-year revenue growth which contributed to solid Q2 revenue and sell-through performance,” said Brian McGee, GoPro’s CFO and COO. “Subscribers grew 65% year-over year with subscription and service revenue representing a powerful driver of profitability.”