GoPro ends 2021 with over US$1 billion in revenue
GoPro may be one of the best-known names in cameras for outdoor or extreme pursuits; however, its business was lagging noticeably prior to 2020. However, the OEM turned things around by concentrating more on its website and selling directly through it, and also by pushing its subscription services much more effectively. This was mainly done through simply bundling them with its latest and most exciting updates to the HERO and MAX lines at launch.
This led to a meteoric rise in sales, leading to just under US$1 billion in revenue by the end of 2020. However, GoPro has now announced that it has outdone itself once again, with a 30% YoY growth in the same to a new total of $1.16 billion.
GoPro has now also increased its ASP for cameras to $369 (or +17% YoY). In fact, all of its hardware revenue for 4Q2021 came from units priced at $300 or more - a figure possibly driven by the release of new products such as the HERO10 Black.
All in all, GoPro reported net earnings of $371 million, or $2.27 per share, for the whole of last year, as opposed to -$67 million (or -$0.45 per share) for 2020. Finally, it now has no less than $539 million in cash on hand, or 64% more than it did in 2020. It will be interesting to see how it does should the "challenging" conditions of 2021 ease off in the coming year.