Business
GoPro Announces Second Quarter 2023 Results
Revenue of $241 million was 10% Above Guidance GoPro Subscribers Grew 27% Year-over-Year to 2.44 million, Exceeding Expectations Subscription and Service
About this update from Gopro, Inc.
[{"type":"text","content":"Revenue of $241 million was 10% Above Guidance\nGoPro Subscribers Grew 27% Year-over-Year to 2.44 million, Exceeding Expectations\nSubscription and Service Revenue was $24 million or 10% of Revenue, up 21% Year-over-Year \nSAN MATEO, Calif., Aug. 3, 2023 /PRNewswire/ -- GoPro, Inc. (NASDAQ: GPRO) today announced financial results for its second quarter ended June 30, 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 Q2, GoPro saw an immediate retail sales and GoPro subscription lift as a result of our mid-quarter go-to-market strategy shift that included a return to pre-pandemic pricing and a greater emphasis on retail sales,\" said Nicholas Woodman, GoPro's founder and CEO. \"We exceeded our Q2 expectations for unit sales, revenue and subscriber growth, all positive indicators that our strategy shift is working.\"\n\"In the second quarter, we repurchased $15 million of stock and improved working capital as we reduced inventory,\" said Brian McGee, GoPro's CFO and COO.\nFor details on GoPro's Q2 performance and outlook for Q3 and the rest of the year, please see the management commentary referenced above and posted in the investor relations section of our website at https://investor.gopro.com.\nQ2 2023 Financial Results \nRevenue was $241 million, 10% above guidance and down 4% year-over-year.GoPro subscriber count ended Q2 at approximately 2.44 million, up 27% year-over-year.Revenue from the retail channel was $165 million, up 6% year-over-year. GoPro.com revenue, including subscription and service revenue, was $76 million, or 31% of total revenue and down 21% year-over-year.Subscription and service revenue increased 21% year-over-year to $24 million.Attach rate via our mobile app from cameras purchased at retail exceeded 40% in the quarter, up from approximately 33% a year ago, an improvement of approximately 25%, year-over-year.GAAP net loss was $17 million, or negative $0.11 per share, down from net income of $3 million or $0.02 per share in the prior year period. Non-GAAP net loss was $11 million, or negative $0.07 per share, down from non-GAAP net income of $13 million, or $0.08 per share, in the prior year period.GAAP and non-GAAP gross margin was 31.4% and 31.6%, respectively, which refl...