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GoPro stock on a joyride as camera maker sees high-end demand and reaches 1 million subscriptions

(Luis Quintero/Pexels)

(MarketWatch) — The maker of mountable and wearable cameras and accessories said that while overall camera sales were flat year-over-year at 700,000 units, it has reached a milestone 1 million subscriptions. Subscribers can store images and video, and the company has also rolled out livestreaming.

“This is the new GoPro,” said Nicholas Woodman, chief executive of GoPro (NASDAQ:GPRO), in his prepared remarks for the company’s earnings call. “We’ve evolved from a hardware unit-sales-centric business to a successful direct-to-consumer subscription-centric business with a significant opportunity to grow margin and profitability.”

Woodman also said that “While much of the world remains impacted by the pandemic, demand for our more premium products increased in Q1 across all geographies.”

The company reported a net loss of $10 million, or 7 cents a share, compared with a loss of $64 million, or 43 cents a share, in the year-ago period. Adjusted Ebitda was $10.7 million, compared with an Ebitda loss of $41.4 million in the same period a year ago. Revenue rose to $204 million from $119 million in the year-ago quarter.

Analysts surveyed by FactSet had forecast earnings of 0 cents a share on revenue of $186.8 million.

GoPro expects non-GAAP second-quarter earnings in the range of a loss of 1 cent a share to net income of 4 cents a share on revenue of $220 million to $240 million, while analysts had forecast revenue of $227 million.

Article originally published by MarketWatch.

The post GoPro stock on a joyride as camera maker sees high-end demand and reaches 1 million subscriptions appeared first on Market Buzz - Get informed about the companies early investors are buzzing about.

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