SAN MATEO, Calif. (BRAIN) — GoPro Inc. reported a 54.1% revenue drop in the second quarter ending June 30.
Revenue was $134.2 million, compared with $292.4 million in the second quarter of 2019. Net income was $40.7 million, compared with $102.1 million year-over-year. Earnings per share were $0.34.
Revenue was down 51% in the first quarter this year as the COVID-19 pandemic took hold and led to company-wide changes.
GoPro founder and CEO Nicholas Woodman noted revenue increased from the first quarter this year — up 12% — following a workforce reduction and transition to direct-to-consumer sales model amid the pandemic. The company ended the second quarter with 741 employees, the fewest since 2014.
"Our strategic shift to a more direct-to-consumer business with lower operating costs is working," Woodman said. "Camera sell-through during Q2 demonstrates resilient consumer demand for GoPro and an increasing shift to online shopping. We believe GoPro has proven to be a part of global consumers' 'new normal' during the pandemic, and we feel well positioned for the remainder of the year."
GoPro reported camera sell-throughs of nearly 750,000 in the second quarter. It also recorded a record revenue percentage (44%) from GoPro.com. Cameras retailing above $300 made up 95% of the quarter's revenue.
GoPro's corporate headquarters are in San Mateo. Its stock is traded on NASDAQ under the GPRO symbol. GoPro stock quote at Marketwatch.com.
