Business
GoPro Announces First Quarter 2023 Results
Revenue of $175 million was 6% Above Guidance on Stronger Demand GoPro Subscribers Grew 36% Year-over-Year to 2.36 million Subscription and Service Revenue of
About this update from Gopro, Inc.
[{"type":"text","content":"Revenue of $175 million was 6% Above Guidance on Stronger Demand\nGoPro Subscribers Grew 36% Year-over-Year to 2.36 million\nSubscription and Service Revenue of $23 million, up 24% Year-over-Year \nSAN MATEO, Calif., May 9, 2023 /PRNewswire/ -- GoPro, Inc. (NASDAQ: GPRO) today announced financial results for its first quarter ended March 31, 2023 and posted management commentary, including forward-looking guidance, in the investor relations section of its website at https://investor.gopro.com.\n\n \n \n \n \n \n \n\n \n\"In Q1 2023, GoPro exceeded expectations thanks to better-than-expected demand for our products and subscription services,\" said Nicholas Woodman, GoPro's founder and CEO. \"Capitalizing on our momentum, effective today, we're implementing an updated go-to-market strategy that restores our product pricing to pre-pandemic levels, which we believe will accelerate growth in units, subscribers, revenue and earnings.\"\n\"Our pandemic strategy allowed us to address supply chain and retail channel constraints while driving ASPs, increasing profitability and rapidly growing our subscriber base to more than two million subscribers,\" said Brian McGee, GoPro's CFO and COO. \"In our post-pandemic world, we are now implementing an updated go-to-market strategy that we believe will result in revenue and earnings growth that we will use to drive innovation and significantly increase share buy backs.\"\nTo read about GoPro's updated go-to-market strategy, please see the management commentary referenced above and posted in the investor relations section of its website at https://investor.gopro.com. \nQ1 2023 Financial Results \nRevenue was $175 million, down 19% year-over-year and ahead of the midpoint of our prior Q1 guidance.GoPro subscriber count ended Q1 at approximately 2.36 million, up 36% year-over-year.GoPro.com revenue, including subscription and service revenue, was up 7% year-over-year at $95 million, or 54% of total revenue. Revenue from the retail channel was $80 million, down 38% year-over-year.Subscription and service revenue increased 24% year-over-year to $23 million.Attach rate via our app from cameras purchased at retail was approximately 50% in the quarter, up from 39% a year ago, a 23% improvement.GAAP net loss was $30 million, or negative $0.19 per share, down from net income of $6 million or $0.04 per sh...