SAN MATEO, Calif. (BRAIN) — GoPro Inc. revenue for the fourth quarter increased 40% year-over-year to $528 million. Revenue for 2019 increased 4% year-over-year, reaching $1.2 billion, for the period ending Dec. 31.
Excluding GoPro drone business, full year revenues increased 7% year-over-year.
GAAP gross margin for the fourth quarter was up 38.2% compared to 37.7% the same time last year. Non-GAAP gross margin for Q4 was up slightly (38.6%) compared to the same time last year (38.4%).
Fourth-quarter GAAP net income for $96 million ($0.65 share). Non-GAAP net income was $102 million ($0.70 share). GAAP operating expenses decreased 3% year-over-year to $106 million.
Direct sales through GoPro.com accounted for more than 10% of revenue in 2019, increasing more than 40% from last year.
"GoPro achieved both revenue growth and full-year non-GAAP profitability in 2019 due to strong sell-through throughout the year and the fall launch of our two new flagships, HERO8 Black and MAX," said GoPro founder and CEO Nicholas Woodman. "We believe we are well positioned to meaningfully expand both margin and EPS in 2020 thanks to the strength of our entire product line, high-margin Plus subscription service and app monetization strategy."
In the U.S., the HERO8 Black was the top selling camera in all digital imaging by unit volume in the fourth quarter, according to the NPD Group.
Plus service surpassed 334,000 subscribers as of Jan. 31, an increase of 10% since the third quarter.
In other company news, Brian McGee, chief financial officer since March 2016, has also been appointed chief operating officer, effective Feb. 3.
GoPro's corporate headquarters are in San Mateo. Its stock is traded on NASDAQ under the GPRO symbol. GoPro stock quote at Marketwatch.com.
