GoPro, Inc. (NASDAQ: GPRO), an American technology company focused on manufacturing and selling camera and camera accessories, announced its financial result for the first quarter completed on March 31, 2021.GPRO stock increased substantially adjacent to the news.
At last check-in after-market trading, shares of GoPro Inc. (GPRO) were up 7.28% at $11.2. GPRO’s stock closed last session at $10.44, decreasing -1.42% or -$0.15. Shares of the company fluctuated between $9.96 and $10.54 throughout the day. The shares of GoPro Inc. have retreated -8.98% in the last five days; however, they have lost -14.91% over the last one month.
GoPro First Quarter Financial Result
Revenue for the first quarter of 2021 was $204 million, in comparison to $119 million in the same quarter of the previous year, representing an increase of 71% year-over-year.
First-quarter of 2021 faced GAAP net loss of $10 million, or $0.07 per share, vs a net loss of $64 million or $0.43 per share in the same quarter last year. Non-GAAP net income was $5 million, or $0.03 per share in first quarter of 2021, in comparison to net loss of $50 million, or $0.34 per share in the same quarter in the prior year.
GAAP and non-GAAP gross margin for First quarter 2021 was 38.6% and 39.2%, respectively, an increment of 640 and 500 basis points, respectively, year-over-year.
First-quarter 2021 GAAP and non-GAAP operating expenses declined 13% and 17% year-over-year to reach $82 million and $73 million, respectively. Adjusted EBITDA for first quarter of 2021 was positive $11 million, in comparison to negative $41 million in the first quarter of 2020.
GoPro exceeded one million subscribers on April 2021. GoPro.com produced $82 million in revenue in first quarter 2021, representing 40% of total revenue and rising 224% year-over-year.
Almost 700,000 camera units were sold in the first quarter of 2021.Cameras with retail prices exceeding $300 depicted 95% of first-quarter 2021 camera revenue. First-quarter 2021 Street ASP had an increment of 4% year-over-year to reach $366. GoPro also released its new Quik App which was made available to smartphone users for a $9.99 yearly subscription.
GoPro transitioned from a hardware unit-sales-centric business to a direct-to-consumer subscription-centric business with constant increase in subscribers as well as shifting their business model in accordance to value provided.
GoPro generated Strong revenue growth worldwide, and transitioned towards higher-end cameras, focusing on increased subscription produced record ASP’s, as a result, it increased gross margins and operating results in the quarter, with GoPro stock surging immensely at last check.