GoPro, Inc. reported sales that were essentially flat year-over-year in the second quarter ended June 30, but saw strong subscriber growth and said earnings beat expectations.
“GoPro shined in the second quarter, beating expectations for sales, revenue and earnings per share,” said Nicholas Woodman, founder and CEO of GoPro. “We are excited about our upcoming hardware and software launches in the second half of 2022, and expect them to contribute to continued profitability and impressive subscription growth.”
“In the second quarter, Asia Pacific and Europe rebounded with strong year-over-year revenue growth, which contributed to the strength of revenue and sales in the second quarter,” said said Brian McGee, CFO and COO of GoPro. “Subscriber numbers grew 65% year-over-year, with subscription and service revenue being a strong driver of profitability.”
Second Quarter 2022 Financial Results and Recent Business Highlights
- Revenue was $251 million, up slightly year-over-year from $250 million as the strong U.S. dollar adversely impacted second-quarter revenue by approximately $8 million dollars year over year;
- Revenue from GoPro.com subscriptions and services increased 9% year-over-year to $95 million, or 38% of total revenue. Subscription and services revenue increased 71% year-over-year to $20 million;
- GoPro subscriber count grew 65% year-over-year to 1.91 million;
- GAAP and non-GAAP gross margin were 38.3% and 38.5%, respectively, down from the prior year period at 39.8% and 40.1%, respectively;
- GAAP net income was $3 million, or $0.02 per share, down from net income of $17 million, or $0.10 per share, which included a $12 million tax benefit at during the period of the previous year. Non-GAAP net income was $13 million, or $0.08 per share, down 36% from $20 million, or $0.12 per share in the prior year period ;
- Adjusted EBITDA was $17 million, or 7% of revenue, compared to $25 million, or 10% of revenue for the prior year period;
- Cameras, with retail prices at or above $400, accounted for 93% of Q2 2022 camera revenue, compared to 77% in Q2 2021; and
- Q2 2022 Street ASP was up 13% year over year to $392.
Photo courtesy GoPro