Q1 2024 GoPro Inc Earnings Call Transcript
Key Points
- GoPro Inc (GPRO) exceeded Q1 guidance with revenue of $155.5 million and a non-GAAP gross margin of 34.4%.
- Subscriber base grew to 2.5 million, marking a 6% year-over-year increase.
- Launched the Quick desktop app for macOS and introduced a new Premium Plus subscription tier, enhancing software offerings.
- Expanded global retail presence by adding approximately 1,000 new retail doors, improving in-store merchandising and brand exposure.
- Strong focus on developing a broader range of products to meet customer needs and targeting new market segments, including the acquisition of Foresight Helmet Systems.
- Reported a non-GAAP EPS loss of $0.21 in Q1.
- Delays in product launches including the new entry-level camera and the new 360 camera, expected to negatively impact 2024 revenue by $65 million to $85 million.
- Facing increased competition in the HERO camera category, particularly through aggressive discounting by competitors.
- Macro-economic factors leading to flat or declining retail sales and retailers carrying less inventory, impacting overall sales performance.
- Challenges in the Chinese market with local brands gaining preference over GoPro, affecting sales.
And welcome to the GoPro first quarter 2024 earnings call. My name is Lauren, and I will be coordinating your call today. (Operator Instructions)
I will now hand you over to host Chris Clark, VP Corporate Communications, to begin. Please go ahead.
Thank you, Lorne. Good afternoon, and welcome to GoPro's first quarter 2024 earnings conference call. With me today are GoPro's CEO, Nicholas Woodman; and Chief Financial Officer and COO, Brian McGee. Today's agenda will include include brief commentary from Nick followed by Q&A for detailed information about our first quarter 2024 performance as well as outlook, please read our Q1 2024 earnings press release and management commentary, we posted to the Investor Relations section of GoPro's website.
Before I pass the call to Mick, I'd like to remind everyone that our remarks today may include forward looking statements forward looking statements and all other statements that are not historical facts are not guarantees of future performance and
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