GoPro Course-Corrects In Latest Earnings Report
Following on from its move to cut 240 staff in March, GoPro has recorded $297 million in revenue for the second financial quarter.
“GoPro is building momentum,” says CEO Nicholas Woodman.
Although the company did report a net loss of $30 million for the period, it still a strong result. It represents both a 34% increase on last year’s Q2 and a huge improvement over the $110 million net loss listed in the preceeding quarter.
According to Woodman, “strong demand combined with our cost management and margin initiatives contributed to GoPro’s EBITDA positive performance in the second quarter.”
There are a number of other interesting tidbits in the company’s latest earning’s report.
GoPro say that more than 50% of GoPro’s revenue was generated in markets outside of the U.S. in the second quarter and global sell-thru of cameras increased 18% sequentially.
They say their new Quik mobile video editing app was installed 5.6 million times while the company’s social media footprint expanded to cover 1.6 million new followers.
GoPro also noted that they were able to accomplish a 39% reduction in inventory quarter-over-quarter, putting them in a strong position for future product launches.
“HERO6 and Fusion, our 5.2K spherical camera, are on course to launch later this year and we continue to track toward our goal of full-year, non-GAAP profitability in 2017,” Woodman says.