GoPro Revenue Up 20%, Lifts Annual Outlook
Embattled action-cam manufacturer, GoPro, has continued to progress its turnaround strategy, notching a Q1 loss of $24 million, down from $76 million the year prior.
For the three months to March 31, revenue lift 20% year-on-year to US$243 million, prompting a raise in its 2019 earnings guidance.
GoPro claims its Hero 7 Black currently ranks America’s best-selling camera in the digital imaging category (by unit volume).
The company has also reported revenue growth in “all regions year-on year.”
“We are innovating in all areas of our business and driving disciplined expense and inventory management,” claims GoPro Founder and CEO, Nicholas Woodman.
“We believe this, combined with the release of exciting new products, will drive continued growth and as a result we are raising revenue and full-year non-GAAP profitability guidance for 2019.”
Gross margin for Q1Y19 has hit 33% – a 20% increase versus the previous year.
The company has also reduced GAAP operating expenses to $19 million, down 16% from last year.
Whilst not explicitly mentioned, commentators attribute the improvement to GoPro’s exit from the drone business – instead focused in its higher margin camera portfolio.
GoPro’s new subscription service (offering free replacements for damaged cameras and more) has surpassed 220,000 active paying subscribers as at May 8.
As at April 27, GoPro’s YouTube channel surpassed 2 billion lifetime views, notching nearly “eight thousand years of GoPro content.”