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Chip Shortage won't affect Q3 Results: GoPro
Chip Shortage won't affect Q3 Results: GoPro
GoPro says global shortages of chips and other supply chains won't affect its holiday sales this year, meaning the action camera company is set to end one of its best years in recent memory on a solid note. There will be plenty of Hero10 cameras for everyone
GoPro says global shortages of chips and other supply chains won't affect its holiday sales this year, meaning the action camera company is set to end one of its best years in recent memory on a solid note.
"Despite supply chain constraints that are affecting many industries, we have successfully partnered with our suppliers to produce inventory to support our fourth-quarter revenue expectations," CEO Nick Woodman said while discussing the company's third-quarter financial results on Thursday. "GoPro.com and our retail partners will be stocked and ready for shoppers this holiday season."
That's especially good news for GoPro results because the new Hero10 Black is selling incredibly well despite the higher price of $ 499. GoPro said Thursday that 98 percent of the roughly 800,000 cameras it sold in the third quarter they were at or above the $ 300 tag price, down from 83 percent in the third quarter of 2020. The median sales price for cameras in the quarter was $ 381, plus 25 percent year-over-year.
GoPro has also been increasingly shifting to a direct selling model in recent years (nearly a third of its revenue in the last quarter came from sales on GoPro.com), which means it is earning more with every camera sold. The company said Thursday it posted $ 14 million in revenue this last quarter also for its subscription service, which now has more than 1.34 million customers.
All of that adds up to the company's best third quarter since 2017. GoPro posted $ 317 million in revenue and about $ 49 million in profit. (The company reported a quarterly profit of $ 312 million, although $ 263 million of that was attributed to an unstable deferred tax situation.)
However, GoPro's best quarter each year is last. The holiday season has always been kind to the camera company, even in its darkest years. With the Hero 10 Black already doing well and the memories of layoffs and failed products increasingly confusing, it could turn out to be one of the company's biggest quarters since its successful Christmas season in 2014, which was when it burst into the mainstream with the Hero4. cameras.
