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GoPro sales climb 6% in first quarter

GoPro, Inc. reported a profit versus a loss in the first quarter as sales increased 6%. GoPro subscribers grew 85% year over year to 1.74 million.

“We kicked off in 2022, successfully growing revenue and profitability year-over-year while launching exciting new products,” said Nicholas Woodman, Founder and CEO of GoPro. “With several additional products slated to launch later this year, we expect to continue this trend of TAM expansion.”

“The first quarter of 2022 represents another quarter of GAAP profitability, coinciding with GoPro’s strategic shift to become a more direct-to-consumer, subscription-centric company in the second quarter of 2020,” said Brian McGee, Chief Financial Officer and COO of GoPro. “During this period, we have steadily increased revenue, gross margin and, most importantly, GAAP profitability as well as cash.”

Financial results for the 1st quarter of 2022

  • Revenue was $217 million, up 6% year-on-year from $204 million;
  • GoPro.com revenue, including subscription revenue, increased 8% year-over-year to $89 million, or 41% of total revenue. Subscription and service revenue totaled $19 million, up 73% year-over-year;
  • GAAP and non-GAAP gross margin were 41.8% and 42.0% respectively, up from the prior year period at 38.6% and 39.2%, respectively;
  • GAAP net income was $6 million, or $0.04 per share, compared to a net loss of $10 million, or $0.07 per share in the prior year period. Non-GAAP net income was $15 million, or $0.09 per share, up 214% from $5 million, or $0.03 per share in the prior year period ;
  • Adjusted EBITDA was $21 million, or 10% of revenue, compared to $11 million, or 5% of revenue for the prior year period;
  • Cameras retailing at or above $400 accounted for 92% of Q1 2022 camera revenue, up from 79% in Q1 2021; and
  • Q1 2022 Street ASP was $414, up 13% year-over-year.

Recent Business Highlights

  • Launched Volta, a self-contained battery and remote control grip that provides over four hours of 4K 30fps recording;
  • Launched Creator Edition for vlogging, filmmaking and live streaming that combines the power of Hero10 Black with GoPro Mods and GoPro’s latest accessory, Volta;
  • Launched GoPro Player + ReelSteady desktop app with pro-level stabilization and 360 content tools for creators;
  • Launched Hero 10 Black Bones, an FPV (First Person View) drone camera; and
  • Expanded remote working options in both Bucharest and Paris as part of its strategy to attract and retain top talent.

Photo courtesy GoPro