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GoPro experiences 54.1% drop in revenue in Q2

Published August 6, 2020

SAN MATEO, Calif. (BRAIN) — GoPro Inc. reported a 54.1% revenue drop in the second quarter ending June 30.

Revenue was $134.2 million, compared with $292.4 million in the second quarter of 2019. Net income was $40.7 million, compared with $102.1 million year-over-year. Earnings per share were $0.34.

Revenue was down 51% in the first quarter this year as the COVID-19 pandemic took hold and led to company-wide changes.

GoPro founder and CEO Nicholas Woodman noted revenue increased from the first quarter this year — up 12% — following a workforce reduction and transition to direct-to-consumer sales model amid the pandemic. The company ended the second quarter with 741 employees, the fewest since 2014.

"Our strategic shift to a more direct-to-consumer business with lower operating costs is working," Woodman said. "Camera sell-through during Q2 demonstrates resilient consumer demand for GoPro and an increasing shift to online shopping. We believe GoPro has proven to be a part of global consumers' 'new normal' during the pandemic, and we feel well positioned for the remainder of the year."

GoPro reported camera sell-throughs of nearly 750,000 in the second quarter. It also recorded a record revenue percentage (44%) from Cameras retailing above $300 made up 95% of the quarter's revenue.

GoPro's corporate headquarters are in San Mateo. Its stock is traded on NASDAQ under the GPRO symbol. GoPro stock quote at

Revenue decreased 54.1% in the second quarter.
Topics associated with this article: Earnings/Financial Reports

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