Loading...
•
Mar 31, 2021
GoPro Q1 2021 Earnings Report
Announced first quarter 2021 results with revenue up 71% year-over-year and GoPro.com revenue increased 224% year-over-year.
Key Takeaways
GoPro's Q1 2021 saw significant growth with revenue reaching $204 million, a 71% increase year-over-year. GoPro.com's revenue surged by 224%, capturing 40% of total revenue. The company also surpassed one million subscribers in April and launched the Quik App subscription.
Revenue for Q1 2021 was $204 million, up 71% year-over-year.
GAAP gross margin for Q1 2021 was 38.6%, up 640 basis points year-over-year.
Q1 2021 GAAP net loss was $10 million, or $0.07 per share, compared to a net loss of $64 million or $0.43 per share in Q1 2020.
GoPro.com generated $82 million in revenue in Q1 2021, up 224% year-over-year.
GoPro
GoPro
Forward Guidance
GoPro anticipates continued growth and profitability through new products, subscription services, and direct-to-consumer strategies.
Positive Outlook
- Planned growth and expansion of total addressable market through new products and subscription services.
- Increased profitability in 2021 and beyond.
- Effective management of shift of sales strategy to focus on direct-to-consumer channel.
- Ability to increase the number of and retain existing paying subscribers.
- Continued focus on expense management.
Challenges Ahead
- Risk that revenue growth or profitability may not be achieved or sustained.
- Risk that reduction in operating expenses may impact ability to meet business objectives and achieve revenue targets.
- Risk that growing direct-to-consumer business while reducing reliance on other sales channels could impact profitability.
- Impact of the COVID-19 pandemic and its effect on the United States and global economies and our business in particular.
- Any inability to successfully manage frequent product introductions and transitions, including managing sales channel and inventory, and accurately forecasting future sales.