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GoPro posts US$81 million in revenue for the third quarter of 2020

GoPro reports some positive financial figures. (Source: GoPro)
GoPro reports some positive financial figures. (Source: GoPro)
GoPro has released its first quarterly financial report since the launch of its 2020 flagship, the HERO9 Black action-camera. It has revealed that the company now has a figure for total revenues that is over 100% what it was for the same quarter of 2019 (3Q2019). It also now has 35% more subscribers compared to 2Q2020, as well as a net profit for its latest quarter.
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GoPro ended its third financial quarter of 2020 on September 30, two weeks after launching its HERO9 Black flagship unit. The company now reports this event has led to total revenues of nearly US$281 million (113.9% up year-on-year (YoY)), $81 million of which had been accrued in its latest quarter.

The action-cam OEM also revealed that it made a generally-accepted accounting practice- (GAAP) generated net income of $3.3 million, compared to -$74.8 million for 3Q2019. It also posted a gross margin of 35.4%, compared to 21.7% for the same quarter of the previous year.

This success was attributed to the HERO9 Black's release, and also to a shift to a direct-to-consumer (DTC) business model, in which it now focuses on selling via gopro.com. The new camera's sales has also contributed in a 65% YoY increase in the number of its subscribers. This figure surpassed half a million in 3Q2020, and is now expected to exceed 600,000 by the end of the year.

Meanwhile, the move to DTC is credited with improved camera sell-through (over 950,000 units for Q3 2020), as well as a steady fall in its operating expenses. They were estimated at $90 million for its latest quarter, or -9% YoY. Finally, GoPro is now sitting on $147 million in cash and investments, compared to $80 million in 2Q2020.

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Deirdre O'Donnell
Deirdre O'Donnell - Senior Tech Writer - 3973 articles published on Notebookcheck since 2018
I became a professional writer and editor shortly after graduation. My degrees are in biomedical sciences; however, they led to some experience in the biotech area, which convinced me of its potential to revolutionize our health, environment and lives in general. This developed into an all-consuming interest in more aspects of tech over time: I can never write enough on the latest electronics, gadgets and innovations. My other interests include imaging, astronomy, and streaming all the things. Oh, and coffee.
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> Notebook / Laptop Reviews and News > News > News Archive > Newsarchive 2020 11 > GoPro posts US$81 million in revenue for the third quarter of 2020
Deirdre O'Donnell, 2020-11- 8 (Update: 2020-11- 8)