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GoPro's financial performance goes from strength to strength in the first quarter of 2021

The HERO9 Black. (Source: GoPro)
The HERO9 Black. (Source: GoPro)
GoPro has reported that it made a total of US$204 million in revenue for the first quarter of 2021 (1Q2021), or 71% more than it did in 1Q2020. Of this, 40% (or $82 million) came from its website's sales, a 224% increase year-on-year (YoY). The action-cam company also celebrated selling its first millionth subscription in this quarter.
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The street average sale price (ASP) of GoPro cameras hit a record high of US$336 (up 4% YoY) in 1Q2021, indicating that the more premium of the action cameras from this brand (such as the latest HERO9 Black) are getting more popular and are selling more as time goes on.

The company attributed this success to its "evolution" into an OEM that follows a heavily online direct-to-consumer (DTC) model that focuses on subscriptions. The new combination really started to take effect throughout 2020, and is mainly mediated through GoPro.com.

The strategy is now clearly working out well in 2021, as demonstrated in GoPro's latest financial report. It shows total revenues of $204 million, as opposed to $119 million from 1Q2020. Then again, its adjusted earnings before taxes and other expenses (its EBITDA) were calculated at $11 million.

This doesn't sound as impressive, until one realizes GoPro's 1Q2020 EBITDA was -$41 million. The company also did post a GAAP net profit of -$10 million, although this is still considerably better than -$64 million from a year ago.

GoPro also released a new Quik App for mobile devices in 1Q2021. This new product is intended to prove another subscription-based money-spinner for the OEM, at a yearly rate of $9.99. On that note, GoPro announced that its current subscriber count shot past 1 million in April 2021, as opposed to ~760,000 at the end of 2020.

Buy a HERO9 Black from Amazon

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Deirdre O'Donnell
Deirdre O'Donnell - Senior Tech Writer - 4345 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.
contact me via: LinkedIn
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> Notebook / Laptop Reviews and News > News > News Archive > Newsarchive 2021 05 > GoPro's financial performance goes from strength to strength in the first quarter of 2021
Deirdre O'Donnell, 2021-05- 8 (Update: 2021-05- 9)