Business
GoPro Announces Third Quarter 2021 Results
Revenue of $317 million, up 13% Year-over-Year Gross Margin of 43.6% (GAAP) and 43.8% (non-GAAP) Profitable on a GAAP and non-GAAP Basis with Earnings of
About this update from Gopro, Inc.
[{"type":"text","content":"Revenue of $317 million, up 13% Year-over-Year\n Gross Margin of 43.6% (GAAP) and 43.8% (non-GAAP)\n Profitable on a GAAP and non-GAAP Basis with Earnings of $1.92 and $0.34 per Share\n GoPro Subscribers up 168% Year-over-Year to 1.34 million\n\n\nSAN MATEO, Calif., Nov. 4, 2021 /PRNewswire/ -- GoPro, Inc. (NASDAQ: GPRO) today announced financial results for its third quarter ended September 30, 2021 and posted management commentary on the investor relations section of its website at https://investor.gopro.com. \n\n \n \n \n \n \n \n\n \n\"GoPro had an outstanding third quarter with strong revenue, earnings, margin, and cash flow growth that have led us to raise our margin and profitability outlook for the year,\" said Nicholas Woodman, GoPro's founder and CEO. \"Strong demand, effectively managed supply chain and channel inventory combined with a successful new product launch to yield our highest gross margins since 2015.\"\n\"GoPro delivered exceptional earnings driven by revenue growth, expanded gross margins, and free cash flow from operations,\" said Brian McGee, GoPro's CFO and COO. \"We generated $166 million of free cash flow, or 15% of revenue on a trailing twelve-month basis, thanks to continued camera mix shift to the high-end and execution of our direct-to-consumer, subscription-centric strategy.\"\nQ3 2021 Financial Highlights \nRevenue was $317 million, up 13% year-over-year from $281 million. GoPro.com total revenue, including subscription revenue, increased 16% year-over-year to $94 million – 30% of total revenue. Subscription revenue was $14 million, up 143% year-over-year. GoPro subscriber count was 1.34 million, up 168% year-over-year. Quik app subscriber count was 168,000. GAAP and non-GAAP gross margins were 43.6% and 43.8% respectively, up from the prior year period at 35.4% and 36.2%, respectively. GAAP net income was $312 million, or $1.92 per share, up from $3 million or $0.02 per share in the prior year period. Non-GAAP net income was $55 million, or $0.34 per share, up from $31 million, or $0.20 per share in the prior year period. GAAP and non-GAAP operating expenses were $89 million and $80 million, respectively, compared to $90 million and $68 million, respectively in the prior year period. Adjusted EBITDA was $60 million, or 19% of revenue, compared to $39 million, or 14% of revenue in the prior yea...