Today GoPro (GPRO), the company known for their portable video cameras for on-the-go and athletic lifestyles, revealed their Q1 2022 earnings today and it would appear that the company was able to beat their revenue by a penny. GoPro was expected to have EPS of 8 cents, but the actual EPS ended up being 9 cents per share, which just narrowly put them ahead of said expectations. GoPro had an expected revenue of $216.75 million but had an actual revenue of $217 million, meaning it just barely beat those expectations.
According to GoPro’s own Q1 2022 earnings report, the company saw a massive influx of new subscribers that was 85% year-over-year with that number now resting at 1.74 million subs. GoPro also had a major increase in cash and investments of 52% year-over-year that brought in the company $450 million.
GoPro founder and CEO, Nicholas Woodman stated, "We hit the ground running in 2022, successfully growing year-over-year revenue and profitability while launching exciting new products. With several additional products slated for launch later this year, we expect to continue this TAM-expanding trend."
GoPro’s report also noted the follow financial results:
- Revenue was $217 million, up 6% year-over-year from $204 million.
- GoPro.com revenue, including subscription revenue, increased 8% year-over-year to $89 million, or 41% of total revenue. Subscription and service revenues totaled $19 million, up 73% year-over-year.
- GAAP and non-GAAP gross margin was 41.8% and 42.0% respectively, up from the prior year period at 38.6% and 39.2%, respectively.
- GAAP net income was $6 million, or $0.04 per share, up from a net loss of $10 million or $0.07 per share in the prior year period. Non-GAAP net income was $15 million, or $0.09 per share, up 214% from $5 million, or $0.03 per share in the prior year period.
- Adjusted EBITDA was $21 million, or 10% of revenue, compared to $11 million, or 5% of revenue in the prior year period.
- Cameras with retail prices at or above $400 represented 92% of Q1 2022 camera revenue, up from 79% in Q1 2021.
- Q1 2022 Street ASP was $414, up 13% year-over-year.
GoPro’s Q1 2022 earnings report also highlighted the success of their recently launched desktop app and the launch of the HERO 10 Black Bones drone camera along with their second Technical & Engineering Emmy award along with a few other landmark accomplishments in the last year. GoPro has definitely made a name for itself with its versatile and user-friendly cameras and equipment and the numbers would appear to backup their position as a major player in the audio/video industry. Even though the company only beat their expectations by a penny, that’s still a win for GoPro. Be sure to keep it locked right here on Shacknews for more earnings reports and tech coverage.