SAN MATEO, Calif. (BRAIN) — GoPro Inc.'s second-quarter revenue declined 23% year-over-year with retail-channel sales down 17% during the same period.
For the period that ended June 30, revenue was $186 million, compared with $241 million at the same time last year, and retail channel revenue was $137 million. Second-quarter revenue was 9% above guidance, and GoPro's subscriber base grew 4% to 2.53 million.
"Cash was flat sequentially as we reduced inventory ahead of launching two exciting new products in September," said CFO and COO Brian McGee.
In September, GoPro will launch an updated HERO13 camera and a $199 entry-level HERO camera.
Second-quarter GAAP net income loss was $48 million ($0.31 loss per share), compared with $22 million ($0.11 loss per share) in the prior year period.
GoPro reported cameras with MSRPs at or above $400 accounted for 76% of the second-quarter camera revenue. In July, it announced a partnership with SoftBank Group's SB C&S Corporation for additional distribution in Japan.
During the quarter, GoPro began a new merchandising and sales program at Best Buy, with enhanced product displays and improved in-store and digital marketing.
GoPro's corporate headquarters are in San Mateo. Its stock is traded on NASDAQ under the GPRO symbol. GoPro stock quote at Marketwatch.com.
