The press release: finance.yahoo.com
GoPro Revenue Skyrockets 72% As Consumers Snap Up Cameras
Forbes
7/21/2015 @ 4:27PM
GoPro’s revenue surged 72% in the second quarter, helped by growing demand overseas, and providing further evidence that the wearable camera maker has captured intense consumer interest.
The company also beat estimates on its bottom line.
Shares, which are known for being volatile, fell 8% in after-hours trading before turning positive and then going back into negative territory.
“I couldn’t be more proud of our aggressive pace of innovation,” said GoPro CEO Nick Woodman in a statement. ”We’ve launched five new cameras in the past 10 months, exciting both new and existing customers and contributing to strong second quarter results.”
The last camera GoPro introduced was its ultra-small, lightweight Hero4 Session last week, which goes for $400.
Overall, revenue surged 72% to $419.9 million, trouncing analyst estimates of $395.2 million. More than half of GoPro’s revenue in the quarter came from outside the U.S., with GoPro cameras now sold in more than 40,000 stores worldwide.
China is now a top ten revenue-generating country, said the San Mateo, CA-based company.
GoPro is also working to turn itself into a global media company and yesterday unveiled a new licensing portal that will connect users and advertisers. This will help the company leverage (and monetize) the video footage shot by users.
It has also forayed into drones and virtual reality. “Our core business is enjoying terrific momentum as we charge forward into attractive adjacent markets,” said Woodman.
Overall, net income for the quarter was $35 million, or 24 cents per share, compared to a loss of $19.8 million, or 24 cents per share, a year ago. Excluding items, earnings were 35 cents per share, beating analyst estimates of 26 cents per share.
Shares of GoPro are down 5% this year but are up 45% over the last 12 months.
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