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Jun 30, 2024
GoPro Q2 2024 Earnings Report
Announced second quarter results, with revenue exceeding guidance and subscriber base growing.
Key Takeaways
GoPro's Q2 2024 revenue reached $186 million, surpassing expectations, and the subscriber base grew to 2.53 million. However, the company reported a GAAP net loss of $48 million, or $0.31 loss per share, and a non-GAAP net loss of $36 million, or $0.24 loss per share.
Revenue was $186 million, exceeding guidance but down 23% year-over-year.
Subscription and service revenue increased 8% year-over-year to $26 million, with subscriber count reaching 2.53 million, up 4% year-over-year.
GAAP net loss was $48 million, or $0.31 loss per share; non-GAAP net loss was $36 million, or $0.24 loss per share.
Cash and marketable securities were flat sequentially at $133 million.
Revenue by Segment
Forward Guidance
GoPro anticipates launching new products, including the HERO13 Black and a $199 entry-level HERO camera, in September. These releases aim to attract both new and existing customers.
Positive Outlook
- Launch of HERO13 Black flagship camera.
- Introduction of a new $199 entry-level HERO camera.
- Expected positive reception from new and existing customers.
- Partnership with SoftBank Group’s SB C&S Corporation for additional distribution in Japan.
- Large-scale merchandising rollout and sales program at Best Buy.
Challenges Ahead
- Economic downturn or uncertainty may affect consumer spending.
- Reliance on third-party suppliers could lead to increased costs.
- Risk of sales falling below forecasts, especially during the holiday season.
- Potential difficulties in managing product introductions and pricing.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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