Business
GoPro Announces Second Quarter 2020 Results
Revenue of $134 Million up 12% Sequentially GoPro.com Percentage of Revenue Grows to 44% Camera Sell-through of nearly 750,000 Units Channel Inventory
About this update from Gopro, Inc.
[{"type":"text","content":"Revenue of $134 Million up 12% Sequentially\n GoPro.com Percentage of Revenue Grows to 44%\n Camera Sell-through of nearly 750,000 Units\n Channel Inventory Reduction of 25% Sequentially\n\n\nSAN MATEO, Calif., Aug. 6, 2020 /PRNewswire/ -- GoPro, Inc. (NASDAQ: GPRO) today announced financial results for its second quarter ended June 30, 2020. \n\n \n \n \n \n \n \n\n \n\"Our strategic shift to a more direct-to-consumer business with lower operating costs is working. Camera sell-through during Q2 demonstrates resilient consumer demand for GoPro and an increasing shift to online shopping. We believe GoPro has proven to be a part of global consumers' 'new normal' during the pandemic and we feel well positioned for the remainder of the year,\" said GoPro founder and CEO, Nicholas Woodman. \nGoPro Q2 2020 Financial Results\nRevenue for Q2 2020 was $134 million, a 12% sequential improvement from $119 million in Q1 2020. GAAP gross margin for Q2 2020 was 30.3%, down from 34.9% year-over-year. Non-GAAP gross margin for Q2 2020 was 31.6%, down from 35.8% year-over-year. Q2 2020 GAAP net loss was $51 million, or $0.34 per share. Non-GAAP net loss was $30 million, or $0.20 per share. Q2 2020 GAAP operating expenses of $86 million decreased 22% year-over-year. Q2 2020 non-GAAP operating expenses were $69 million, down 29% year-over-year. GAAP and non-GAAP operating expenses were at their lowest levels since Q1 2014 and Q3 2013, respectively. Adjusted EBITDA for Q2 2020 was negative $22 million, compared to $14 million in the same period a year ago. Cash and investments totaled $80 million at the end of Q2 2020.Recent GoPro Highlights\nCamera sell-through of nearly 750,000 in Q2 2020. Channel inventory reduction of 25% sequentially and 45% since Q4 2019. GoPro.com represented a record percentage of revenue in Q2 2020 at 44%, up from slightly below 10% of revenue in Q2 2019. GoPro's Plus subscription service ended Q2 2020 with 372,000 paid subscribers, up 5% sequentially and up 57% year-over-year. Cameras with retail prices above $300 represented 95% of Q2 2020 revenue, reflecting consumer preference for GoPro's premium products. Street ASPs increased 11% year-over-year to $300. GoPro ended Q2 2020 with 741 employees, the lowest headcount since 2014. Launched diversified products including Zeus Mini, The World's Most Versatile Light, and Life...