SAN MATEO, Calif. (BRAIN) — GoPro Inc. revenue grew 71% year-over-year in the first quarter buoyed by online sales that jumped 224% in the same period.
Revenue was $204 million for the three months ending March 31, compared with $119 million in Q1 2020. GoPro.com revenue increased to $82 million, which was 40% of the revenue.
"This is the new GoPro," said Nicholas Woodman, GoPro founder and CEO. "We've evolved from a hardware unit-sales-centric business to a successful direct-to-consumer subscription-centric business with a significant opportunity to grow margin and profitability with continued subscriber growth. The value-creation implications of this shift are meaningful."
Last April, GoPro realigned its business around a direct-to-consumer model while reducing operating expenses and cutting its workforce by about 20% amid the COVID-19 pandemic. GoPro still supplies select retailers but shifted to consumer-direct in regions where it has a strong share of the market.
Net income for the first quarter was $10 million, down from $63.5 million, from the same time in 2020. Earnings per share also dropped, from $0.43 to $0.07.
GoPro subscribers surpassed one million in April 2021, and cameras with retail prices of about $300 comprised 95% of first-quarter camera revenue. And in March, GoPro started its new Quik App, available to smartphone users for an annual subscription of $9.99.
GoPro's corporate headquarters are in San Mateo. Its stock is traded on NASDAQ under the GPRO symbol.
