SAN MATEO, Calif. (BRAIN) — GoPro Inc. first-quarter revenue was up 6% year-over-year with the company's profitability being credited to adopting a more direct-to-consumer subscription-oriented business model.
Revenue for the quarter ending March 31 was $217 million, compared with $204 million at the same time last year. Net income was down from $10 million to $5.7 million with earnings per share dropping from $0.07 to $0.04.
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.
"The first quarter of 2022 represents another quarter of GAAP profitability, coinciding with GoPro's strategic shift to becoming a more direct-to-consumer, subscription-centric business back in the second quarter of 2020," said Brian McGee, GoPro chief financial officer and chief operating officer. "Over that period, we've steadily grown revenue, gross margin, and, importantly, GAAP profitability as well as cash."
Subscribers grew 85% year-over-year to 1.74 million, while some of the new products the company launched were the Volta, a battery and remote-controlled grip that offers more than four hours of recording at 4k 30 frames per second; and the HERO 10 Black Bones first-person view drone camera.
GoPro also expanded remote work option at two of its international hubs in Bucharest, Romania, and Paris to attract and retain talent.
Its corporate headquarters are in San Mateo, and it ts stock is traded on NASDAQ under the GPRO symbol. GoPro stock quote at Marketwatch.com.
