GoPro saw revenues increase by 86 percent to $250 million in the second quarter ended June 30, up from $134 million in the second quarter of 2020. The number of GoPro subscribers jumped by 211 percent to 1,160,000, and the company expects to exceed 1.7 million subscribers by the end of the year, approaching the 2-million milestone.
The quarterly net income of $17 million compares to a net loss of $51 million in the prior year’s second quarter. The gross margin rose to 39.8 percent, up from 30.3 percent. The “stellar” revenue growth and improved margins were driven by GoPro’s strategic shift to a more direct-to-consumer, subscription-centric model, the company said.
Direct-to-consumer revenues from GoPro.com increased by 48 percent to $88 million. Online sales accounted for 35 percent of total revenues. By geography, the Americas saw revenues increase to $147 million, up from $83 million in the prior year quarter. Sales of $61 million in EMEA were up from $35 million in the second quarter of 2020. Sales in the Asia-Pacific region of $42 million compare with $17 million in the prior year’s quarter.
The sell-through for the company’s cameras during the quarter grew by more than 10 percent, exceeding 800,000 units. Cameras with retail prices at or above $300 accounted for 94 percent of camera revenues in the quarter.
Based on “better than expected momentum,” the company is increasing its revenue outlook for 2021. It now expects sales to go up by 25 percent to 30 percent versus 2020, up from a previously forecast growth range of 20 percent to 25 percent.
