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GoPro has reported its Q3 2017 financial results, detailing revenue that highlights a return to profitability. The company has undergone extensive business restructuring over past months in an effort to reverse its fortunes while decreasing non-GAAP expenses. According to its latest quarterly results, GoPro saw a 37% year-on-year revenue increase, raking in $ 47 million in cash with a 40% gross margin.
GoPro achieved both GAAP and non-GAAP profitability during its third fiscal quarter, with company CEO Nicholas Woodman saying, “GoPro has turned a corner, restoring growth and profitability to our business.” In addition to growing revenue, GoPro saw “dramatically reduced operating costs,” though the lower costs won’t affect its product roadmap, according to Woodman.
In its third quarter last year, GoPro saw a GAAP net loss of $ 104 million. Compare that to this year’s Q3 GAAP net income of about $ 15 million, and you’ll get a sense of the drastic improvement the company just posted. The turnaround has been largely driven by GoPro’s average sales price (up 22% year-on-year) and the cat that its quarterly operating expenses were the lowest they’ve been in 3 years.
Articles: Digital Photography Review (dpreview.com)