GoPro (GPRO) shared earnings results for its third quarter and included in the report are details indicating it beat both EPS and revenue expectations. Estimates had placed revenue around $297 million and EPS at $0.16 per share, with the results showing GoPro pulling in $305 million at $0.19 per share. GoPro notes that revenue was down 4 percent on a dollar basis, but up 2 percent in constant currency compared to the previous year.
Revenue including subscription and service revenue increased 4 percent year-over-year (YoY) to $99 million or 32 percent of total revenue. Subscription and service revenue increased an impressive 48 percent YoY to $21 million, with GoPro’s subscriber count similarly increasing by a substantial 55 percent YoY to 2.1 million.
The report goes on to show GAAP and non-GAAP margin down from the previous year, and GAAP net income down due in part to a $263 million tax valuation allowance during Q3 2021.
In a statement included in the report from GoPro founder and CEO, Nicholas Woodman, it’s noted that the company delivered revenue at “the high-end of guidance” along with solid GAAP and non-GAAP earnings, with GoPro’s showing resilience during “this challenging economic environment.”
Additionally, Brian McGee remarked on how GoPro has crossed the two million subscriber threshold, positioning the company to generate “more than $100 million in annual recurring high-margin subscription revenue moving forward.”
For more on GoPro’s third quarter results, be sure to read through the full report. Also check out some of our other financial coverage including AMD’s Q3 2022 earnings results beating EPS expectations, and EA lowering FY 2023 revenue guidance due to a $200 million currency headwind.