GoPro Inc (NYSE:GPRO) shrank in stock price after the company reported better-than-expected earnings for its first quarter.
The company, based in San Mateo, Calif., reported Thursday that revenue for Q1 2019 was $243 million, up 20% year-over-year. Excluding its aerial business, revenue would have increased 27% year-over-year.
GAAP gross margin for Q1 2019 was 33%, up from 22% in the same period a year ago. Non-GAAP gross margin for Q1 2019 was 34%, up from 24% in the same period a year ago.
Q1 2019 GAAP net loss was $24 million, or a $0.17 loss per share. Non-GAAP net loss was $10 million, or a $0.07 loss per share.
GoPro.com represented over 10% of revenue in Q1 2019, growing 90% year-over-year.
The company’s subscription service surpassed 220,000 active paying subscribers as of May 8, up over 10% since our Q4 2018 Earnings Release in February, and up more than 50% year-over-year.
In the U.S., GoPro captured 89% unit share and 97% dollar share of the action camera category in Q1 2019, up from 86% and 95%, respectively, year-over-year according to the NPD Group.
"GoPro grew first quarter revenue 20% year-over-year thanks to strong global demand for our products," said founder and CEO Nicholas Woodman.
"We are innovating in all areas of our business and driving disciplined expense and inventory management. We believe this, combined with the release of exciting new products, will drive continued growth and as a result we are raising revenue and full-year non-GAAP profitability guidance for 2019."
Shares slumped 22 cents, or 3.3%, to $6.45
