GoPro announces strong Third Quarter 2019 Results
GoPro's HERO8 Black and MAX launched with positive expectations
"Third quarter results are above the guidance provided on October 2nd. We are reiterating our annual revenue outlook of six-to-nine percent growth, and increasing our profitability outlook for the fourth quarter and 2019," said GoPro founder and CEO Nicholas Woodman.
"HERO8 Black and MAX are generating the highest positive social sentiment metrics of any new GoPro and are setting record unit sales for new cameras at GoPro.com. Both products appear to be unquestionable hits with consumers and we're optimistic about their impact on our business going forward."
GoPro Q3 2019 Financial Results
Revenue for Q3 2019 was $131 million. GAAP gross margin for Q3 2019 was 22%. Non-GAAP gross margin for Q3 2019 was 23%. As discussed on October 2, 2019, GoPro expected Q3 revenue and gross margin would be negatively impacted by a late-stage production delay that shifted sales of HERO8 Black from Q3 to Q4 of 2019.
GoPro Q3 2019 GAAP and non-GAAP operating expenses of $99.6 million and $90.3 million represent year-over-year reductions of 11% and 8%, respectively. GAAP and non-GAAP operating expenses were at their lowest levels since 2014. Q3 2019 GAAP net loss was $75 million, or a $0.51 loss per share. Non-GAAP net loss was $61 million, or a $0.42 loss per share. Cash and investments totaled $79 million at the end of Q3 2019.