GoPro Inc Smashes Earnings Estimates

GoPro released the earnings results from its first fiscal quarter after closing bell tonight, posting earnings of 24 cents per share on $363.1 million in sales, a 54% increase from last year’s first quarter. Analysts had been expecting earnings of 18 cents per share on $340.99 million in revenue.


Key metrics from GoPro’s earnings report

Net income was 11 cents per share or $16.8 million, a 98.2% increase from last year’s 8 cents per share or $8.5 million. GoPro reported a gross margin of 45.1%, compared to 40.9% in the same quarter a year ago. Operating income rose 34.5% year over year to $22.3 million. Adjusted EBITDA rose 97.4% from last year, climbing from $28.6 million last year to $56.5 million this year.

GoPro said international sales made up more than half of its first quarter revenue. Sales in Europe, the Middle East, and Africa and the Asia Pacific regions increased 66% year over year.

GoPro cameras top charts

The camera maker reported that NPD said all five of its models were the top five products “in the combined digital camera and camcorder category, on a unit basis” for the first quarter in the U.S. Also GoPro devices made up three of the top five products on a dollar share basis, including the top spot. The company also led in accessory unit sales, having seven of the top ten best-selling accessories.

The company also said it reached more than 1 million downloads for its GoPro Channel App on the Xbox and that users watched an average of 25 minutes’ worth of GoPro videos in each session. Additionally, the GoPro Mobile App had 2.6 million downloads during the first quarter, adding up to a total of almost 16 million downloads.

GoPro also said the number of videos published on its YouTube channel increased 93%, and views rose 46% from last year.

The action camera manufacturer also announced a deal to acquire virtual reality and “spherical media solutions” company Kolor.