Q2 2024 GoPro Inc Earnings Call Transcript
Key Points
- GoPro Inc (GPRO) achieved its sell-through goal of over 600,000 units and slightly reduced channel inventory in Q2 2024.
- Subscription and service revenue grew 8% year over year to $26 million, driven by a 4% increase in subscribers to 2.53 million.
- GoPro Inc (GPRO) expanded its global retail presence by adding approximately 800 new retail doors, with significant growth in EMEA and Latin America.
- The company announced a partnership with SoftBank Group's SB C&S Corporation to expand distribution in Japan, enhancing brand exposure.
- GoPro Inc (GPRO) plans to launch new products, including the HERO13 Black and a redesigned entry-level HERO camera, which are expected to improve gross margins in 2025.
- GoPro Inc (GPRO) reported a non-GAAP EPS loss of $0.24 and a GAAP loss per share of $0.31 for Q2 2024.
- Retail revenue decreased by 17% year over year, contributing to a decline in total revenue.
- The company faced challenges with delayed product launches, impacting sales by approximately $100 million in 2024.
- Increased competition and lower consumer confidence have led to reduced unit revenue and profitability expectations for the year.
- GoPro Inc (GPRO) is experiencing foreign exchange rate fluctuations, particularly in China and Japan, affecting financial performance.
Good afternoon, and thank you for attending the GoPro's second quarter 2024 earnings call. My name is Cameron, and I will be your moderator for today. (Operator Instructions)
I would now like to pass the conference over to your host, Chris Clark, Vice President of Corporate Communications for GoPro. You may proceed.
Thank you, Cameron. Good afternoon, and welcome to GoPro's Second Quarter 2024 earnings conference call. With me today our GoPro's CEO, Nicholas Woodman and CFO, and COO, Brian McGee.
Today's agenda will include brief commentary from Nick followed by Q&A for detailed information about our second quarter 2024 performance as well as outlook. Please read our Q2 2024 earnings press release and the management commentary we posted to the Investor Relations section of GoPro's website.
Before I pass the call to Nick, 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
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