Shares of GoPro were flat at $54.27 per share as of this writing
GoPro released the earnings results from its fourth quarter after closing bell tonight, posting non-GAAP earnings of 99 cents per share on revenue of $634 million for the quarter. Analysts had been expecting the camera maker to post earnings of 70 cents per share on $580 million in revenue for the fourth quarter. In the previous quarter, GoPro reported earnings of 12 cents per share on $280 million in revenue.
Key metrics from GoPro’s earnings report
Expectations for GoPro’s earnings report were running so high that it was nearly impossible for the camera manufacturer to beat them, but the company managed to do it. Operating income was $173.7 million, compared to $70.6 million in the same quarter a year ago. GAAP earnings were 83 cents per share, compared to 33 cents per share in the fourth quarter of 2013. Adjusted EBITDA was $202.9 million.
Sales of the Hero 4 cameras were strong during the holiday quarter, just as most analysts expected. The company shipped 2.4 million capture devices during the fourth quarter and 5.2 million during the full year. Analysts had been expecting GoPro to ship around 2 million units during the quarter.
GoPro reported that the number of cameras it shipped in the fourth quarter was higher than the number it shipped in all of 2012. The camera maker reported a gross margin of 47.9% compared to the previous quarter’s margin of 41.9%.
“We’re feeling good. GoPro was one of the best-selling products this holiday, selling-in an average of 1,000 units per hour for the entire quarter,” said GoPro Founder and CEO, Nicholas Woodman in a statement. “With this many new recruits to the GoPro movement, we’re sure to see some incredible content in 2015.”
For the full year, GoPro posted revenue of $1.394 billion, compared to 2013’s revenue of $985.7 million. The full year gross margin was 45%, compared to the previous year’s 36.7%.
GoPro moves toward becoming a media company
Earlier today, GoPro announced plans to set up its own Roku channel. This is another step toward the company’s goal of becoming a media company in addition to a maker of action video cameras. The company also recently announced a partnership with the National Hockey League to broadcast from games.