SAN MATEO, Calif. (BRAIN) — GoPro Inc. reported revenue increased 114% year-over-year for the third quarter that ended Sept. 30.
Buoyed by the launch of the HERO9 Black camera and growth of its subscription service, GoPro had revenue of $281 million. GoPro surpassed 501,000 subscribers during the third quarter, an increase of 35% year-over-year.
Revenue was up 109% over its second-quarter revenue ($134 million) announced in August.
GoPro achieved GAAP and non-GAAP profitability. GAAP gross margin for the third quarter was 35.4%, an increase of 21.7% at the same time last year. Non-GAAP gross margin for Q3 was 36.2%, up from 23.4% year-over-year.
Third-quarter GAAP net income was $3 million ($0.02 per share), and non-GAAP net income was $31 million ($0.20 per share). Q3 GAAP operating expenses decreased 9% to $90 million year-over-year, while non-GAAP operating expenses were down 25% year-over-year to $68 million.
HERO9 was launched in September, and camera sell-through was more than 950,000 units in Q3. GoPro.com had a record $81 million in revenue in the quarter, up 37% over the Q2 2020. GoPro cameras with retail prices over $300 represented 83% of third-quarter revenue.
GoPro's corporate headquarters are in San Mateo. Its stock is traded on NASDAQ under the GPRO symbol. GoPro stock quote at Marketwatch.com.
