GoPro’s quarterly earnings increase 3%

By DeanYobbi

SAN MATEO, Calif. (BRAIN) — GoPro Inc. revenues increased by 3% to $292 million in the second quarter compared to the same period last year.

The company said the results were in line with its projections and added revenues increased 20% sequentially. GoPro’s first-quarter earnings this year were $243 million.

Sell-through of cameras $300 and more increased by more than 90% year-over-year.

“In the second quarter, we grew revenue and achieved profitability on a non-GAAP basis,” said founder and CEO Nicholas Woodman. “Given our continued sell-through momentum, channel inventory levels and the strength of new products slated for later this year, we are raising our outlook for the second half of 2019.”

GAAP gross margin for the second quarter was 35%, an increase from 29% from the same period last year. Non-GAAP gross margin increased from 31% to $36%.

GoPro Plus service topped 252,000 paying subscribers as of Wednesday, growing 15% since the first quarter and 50% year-over-year. Also in the second quarter, GoPro went over 35 million in Hero cameras sold since its launch 10 years ago.

In June, GoPro began manufacturing U.S.-bound cameras in Guadalajara, Mexico.

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