Business
GoPro Announces Third Quarter 2020 Results
Revenue of $281 Million up 109% Sequentially Subscribers Surpassed 500,000, up 35% Sequentially Achieved GAAP and Non-GAAP Profitability SAN MATEO, Calif.,
About this update from Gopro, Inc.
[{"type":"text","content":"Revenue of $281 Million up 109% Sequentially\n Subscribers Surpassed 500,000, up 35% Sequentially\n Achieved GAAP and Non-GAAP Profitability\n\n\nSAN MATEO, Calif., Nov. 5, 2020 /PRNewswire/ -- GoPro, Inc. (NASDAQ: GPRO) today announced financial results for its third quarter ended September 30, 2020, and posted management commentary on its investor relations website at https://investor.gopro.com. \n\n \n \n \n \n \n \n\n \n\"Thanks to consistent momentum throughout the quarter and the strong launch of HERO9 Black coupled with our GoPro subscription service, in Q3 GoPro achieved GAAP and non-GAAP profitability, generated $100 million of operating cash flow, and surpassed 500,000 subscribers,\" said GoPro founder and CEO, Nicholas Woodman.\n\"In Q3 2020, our direct-to-consumer and subscription-centric strategy expanded margin, increased subscribers and significantly lowered our operating expenses, resulting in GAAP and non-GAAP profitability. This approach is also enabling efficient working capital management as we drove DSO's down 25% sequentially, lowered channel inventories and reduced our own investments in inventory,\" said Brian McGee, GoPro CFO and COO.\nGoPro Q3 2020 Financial Results\nRevenue for Q3 2020 was $281 million, a 109% sequential improvement from $134 million in Q2 2020. GAAP gross margin for Q3 2020 was 35.4%, up from 21.7% year-over-year. Non-GAAP gross margin for Q3 2020 was 36.2%, up from 23.4% year-over-year. Q3 2020 GAAP net income was $3 million, or $0.02 per share. Q3 2020 non-GAAP net income was $31 million, or $0.20 per share. Q3 2020 GAAP operating expenses of $90 million decreased 9% year-over-year. Q3 2020 non-GAAP operating expenses were $68 million, down 25% year-over-year. Adjusted EBITDA for Q3 2020 was $39 million, compared to negative ($53) million in Q3 2019. Cash and investments totaled $147 million at the end of Q3 2020, compared to $79 million in Q3 2019.GoPro Q3 2020 Highlights\nIn September, GoPro launched HERO9 Black to widespread global acclaim. GoPro ended Q3 2020 with 501,000 subscribers, up 35% sequentially and 65% year-over-year. GoPro.com achieved a record $81 million in revenue in Q3 2020, up 37% sequentially. Camera sell-through was more than 950,000 units in Q3 2020. Channel inventory reduced approximately 10% sequentially and 45% since the beginning of 2020. Cameras with reta...