GoPro, Inc. (NASDAQ: GPRO) announced financial results for its fourth quarter and full year ended December 31, 2016.
“In 2016, big investments in hardware, cloud, and mobile yielded a solid foundational experience for our customers,” said Nicholas Woodman, GoPro’s Founder and CEO. “In 2017, we will build on this foundation for our customers while improving efficiency and managing cost to achieve profitability.”
Recent GoPro Highlights Include:
- GoPro’s Board of Directors appointed CJ Prober to serve as the Chief Operating Officer.
- GoPro experienced a GAAP loss of $116 million, or $0.82 loss per diluted share, in the fourth quarter of 2016, which included charges of $102 million for a full valuation allowance on U.S. deferred tax assets and nearly $37 million for restructuring costs.
- GoPro was profitable in fourth quarter of 2016 on a non-GAAP basis with income of $42 million, or $0.29 per diluted share.
- According to The NPD Group’s Retail Tracking Service, in the U.S. in the fourth quarter GoPro accounted for 3 of the top 5 products, including the top 2 spots, on a unit basis in the digital camera/camcorder category. HERO5 Black was the best-selling digital image camera on a unit basis in the U.S. By our estimate, HERO Session was the #2 best-selling camera in the U.S. on a unit basis.
- According to NPD, GoPro’s fourth quarter combined digital camera/camcorder unit share increased over 400 basis points year-over-year to 26.7% in the U.S.
- According to GfK, in the fourth quarter GoPro’s digital imaging unit share in Europe increased 90 basis points year-over-year to 12.2%, Also in the fourth quarter, HERO5 Black sold thru more units in a single quarter in Europe than any other GoPro camera ever.
- China remains a top-ten country for GoPro with fourth quarter and 2016 sell-thru up 61% and 90%, respectively, year-over-year.
- In the fourth quarter, we released several GoPro accessories including Karma Grip, a handheld and wearable stabilization accessory, Remo, a voice-activated waterproof remote for HERO5 cameras, and Quik Key, a mobile microSD card reader that enables fast editing and sharing from a smartphone.
- Instagram followers were up 53% year-over-year to nearly 12 million followers in the fourth quarter, driven by a 245% year-over-year increase in international followers.
- Social media views of GoPro content reached approximately 238 million, up over 40% year-over-year, driven by a 160% year-over-year increase in views on Facebook.
- According to YouTube, the equivalent of twenty-two years of content with GoPro in the title, description or keyword was uploaded to YouTube in 2016, a year-over-year increase of 35%. The hours of GoPro-related content watched on YouTube in 2016 increased 86% year-over-year to approximately 78 million hours.
- GoPro Plus to debut in International markets in the coming months. High retention rate amongst early U.S. adopters.
- In the fourth quarter, the number of shares per month initiated from the Capture App increased 128% year-over-year. The number of people sharing content monthly increased 45% year-over-year.
- The Quik mobile app was named one of Google Play’s Best Apps of 2016. December monthly active users and monthly exports tripled over the prior year period.
Business Outlook
GoPro is providing the following guidance:
- First Quarter 2017
- Revenue of $200 million +/- $10 million
- GAAP and non-GAAP gross margin in the low 30% range
- GAAP operating expenses of between $168 million and $178 million
- Non-GAAP operating expenses of between $145 million and $155 million
- 2017
- GAAP operating expenses below $688 million
- Non-GAAP operating expenses below $600 million
Upcoming Events
Management will participate in investor conference on February 14, 2017 in San Francisco. GoPro will furnish a link to the webcast of this event on its investor relations website, https://investor.gopro.com.
About GoPro, Inc. (NASDAQ: GPRO)
GoPro, Inc. is transforming the way people capture and share their lives. What began as an idea to help athletes self-document themselves engaged in sport, GoPro has become a mobile storytelling solution that helps the world share itself through immersive content.
GoPro, HERO, Karma, and their respective logos are trademarks or registered trademarks of GoPro Inc. in the United States and other countries. All other trademarks are the property of their respective owners.
For more information, visit www.gopro.com or connect with GoPro on Facebook, Instagram, LinkedIn, Pinterest, Twitter, YouTube, and GoPro’s The Inside Line.
