SAN MATEO, Calif. (BRAIN) — GoPro Inc. revenue declined 11% year-over-year, but founder and CEO Nicholas Woodman said the $155 million in sales exceeded its first-quarter target.
"We are making progress on our multi-year TAM (total addressable market) expansion strategy, but it is taking more time than we anticipated," Woodman said. "We believe our investments to grow our brand, retail presence and broader product line will restore growth and profitability over the long term. Patience is required, but our progress and product roadmap give us confidence."
For the period that ended March 31, subscription and service revenue grew 12% year-over-year to $26 million, and overall subscribers increased 6% year-over-year to 2.5 million.
Retail channel revenue was $106 million, or 68% of total revenue, and an increase of 33% year-over-year. GoPro.com revenue, including subscription and service revenue, was $49 million, down 48% year-over-year.
GoPro revenue at this time last year was $175 million.
First-quarter GAAP net income loss was $339 million ($2.24 loss per share), compared with $30 million ($0.19 loss per share) in the prior year period.
In February, GoPro completed the acquisition of Australian tech-enabled motorcycle helmets Forcite Helmet Systems.
GoPro's corporate headquarters are in San Mateo. Its stock is traded on NASDAQ under the GPRO symbol. GoPro stock quote at Marketwatch.com.
