Business
GoPro Announces First Quarter 2021 Results
Revenue of $204 Million up 71% Year-over-Year GoPro.com Revenue Increased 224% Year-over-Year to $82 Million, Capturing 40% of Revenue Launched Quik App
About this update from Gopro, Inc.
[{"type":"text","content":"Revenue of $204 Million up 71% Year-over-Year\n GoPro.com Revenue Increased 224% Year-over-Year to $82 Million, Capturing 40% of Revenue\n Launched Quik App Subscription for Smartphone Users\n GoPro Subscription Surpassed One Million Subscribers in April\n\n\nSAN MATEO, Calif., May 6, 2021 /PRNewswire/ -- GoPro, Inc. (NASDAQ: GPRO) today announced financial results for its first quarter ended March 31, 2021 and posted management commentary on its investor relations website at https://investor.gopro.com.\n\n \n \n \n \n \n \n\n \n\"This is the new GoPro. We've evolved from a hardware unit-sales-centric business to a successful direct-to-consumer subscription-centric business with a significant opportunity to grow margin and profitability with continued subscriber growth,\" said Nicholas Woodman, GoPro's founder and CEO. \"The value-creation implications of this shift are meaningful.\"\n\"GoPro fired on all cylinders during the first quarter of 2021. Strong revenue growth globally, a continued shift to higher-end cameras, and subscription growth drove record ASP's that resulted in expanded gross margins and operating results in the quarter,\" said Brian McGee, GoPro's CFO and COO. \nGoPro Q1 2021 Financial Results\nRevenue for Q1 2021 was $204 million, compared to $119 million in Q1 2020, up 71% year-over-year. GAAP and non-GAAP gross margin for Q1 2021 was 38.6% and 39.2%, respectively, up 640 and 500 basis points, respectively, year-over-year. Q1 2021 GAAP net loss was $10 million, or $0.07 per share, compared to a net loss of $64 million or $0.43 per share in Q1 2020. Non-GAAP net income was $5 million, or $0.03 per share in Q1 2021, compared to a net loss of $50 million, or $0.34 per share in Q1 2020. Q1 2021 GAAP and non-GAAP operating expenses decreased 13% and 17% year-over-year to $82 million and $73 million, respectively. Adjusted EBITDA for Q1 2021 was positive $11 million, compared to negative $41 million in the same period a year ago.Recent GoPro Highlights\nIn April 2021, GoPro subscribers surpassed one million. GoPro.com generated $82 million in revenue in Q1 2021, or 40% of total revenue and up 224% year-over-year. Camera unit sell-through was approximately 700,000 units in Q1 2021. Cameras with retail prices above $300 represented 95% of Q1 2021 camera revenue. Q1 2021 Street ASP increased 4% year-over-year to $366...