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Mar 31, 2023
GoPro Q1 2023 Earnings Report
Exceeded expectations due to better-than-expected demand and implemented an updated go-to-market strategy.
Key Takeaways
GoPro's Q1 2023 revenue reached $175 million, surpassing guidance. Subscriber base grew to 2.36 million, with subscription and service revenue increasing. However, the company reported a GAAP net loss of $30 million, impacted by a new product pricing strategy.
Revenue was $175 million, a 19% decrease year-over-year but above prior guidance.
GoPro subscriber count reached approximately 2.36 million, a 36% year-over-year increase.
GoPro.com revenue, including subscription and service revenue, increased 7% year-over-year to $95 million, representing 54% of total revenue.
GAAP net loss was $30 million, or negative $0.19 per share, compared to a net income of $6 million, or $0.04 per share, in the prior year period.
GoPro
GoPro
Forward Guidance
GoPro is implementing an updated go-to-market strategy, restoring product pricing to pre-pandemic levels, aiming to accelerate growth in units, subscribers, revenue, and earnings.
Positive Outlook
- Restoring product pricing to pre-pandemic levels.
- Aiming to accelerate growth in units.
- Aiming to accelerate growth in subscribers.
- Aiming to accelerate growth in revenue.
- Aiming to accelerate growth in earnings.