GoPro Inc. (GPRO, Financial), the maker of the world’s most versatile camera and enabler of some of present day's most immersive as well as engaging content, recently announced financial results for the first quarter of 2015. GoPro kicked off 2015 by delivering the second-highest revenue quarter in the company’s history. Its management team is making investments in talent, technology, software and innovative new products that will fuel growth as well as strengthen GoPro’s ecosystem.
The company reported first quarter 2015 revenue of $363 million, which is up 54% year-over-year when compared to $235.7 million in the first quarter of 2014. It reported its second highest revenue quarter in company history.
Further, gross margin of 45.1% in the first quarter of 2015 grew when compared to 40.9% in the first quarter of 2014. Operating income of $22.3 million in the first quarter of 2015 increased by 34.5% when compared to $16.6 million in the first quarter of 2014.
Net income attributable to common stockholders of $16.8 million or $0.11 per diluted share increased by 98.2% compared to $8.5 million or $0.08 per diluted share in the first quarter of 2014. Cash equivalents and marketable securities of $491.9 million in the first quarter of 2015 went up when compared to $422.3 million in the first quarter of 2014.
The non-GAAP gross margin went up 45.2% in the first quarter of 2015 compared to 41.1% in the first quarter of 2014. Its operating income of $49.1 million in the first quarter of 2015 increased by 135.2% compared to $20.9 million in the first quarter of 2014.
The adjusted EBITDA of $56.5 million increased by 97.4% compared to $28.6 million in the first quarter of 2014. Further, net income of $35.6 million or $0.24 per diluted share increased by 149.4% compared to $14.3 million or $0.10 per diluted share in the first quarter of 2014. International sales accounted for more than half of the quarter one revenue i.e. EMEA and APAC revenue was up 66% year-over-year.
According to NPD, GoPro five capture device models accounted for all five of the top five products in the combined digital camera and camcorder category on a unit basis in the US for the first quarter 2015. In addition, in the same category on a dollar share basis, the company capture devices accounted for three of the top five products including the number one spot. The company was also the leader in accessory unit sales with seven of the top ten selling accessories.
In a study commissioned by GoPro and conducted by IPSOS a global market research firm, showed a 70% year over year increase in aided awareness of the GoPro brand among consumers in nine countries across five continents. Moreover, GoPro unveiled HeroCast the smallest, lightest and most cost-effective wireless HD micro transmitter on the broadcast market enabling consumers to experience live events like never before. Furthermore, the GoPro channel launched on premium video service Vessel, joining Roku, Xbox, LG Smart TVs and Virgin America in Flight entertainment.
In quarter one, the GoPro Channel App reached over one million downloads on the Xbox platform with users watching an average of 25 minutes of the company videos during each viewing session. Moreover, the GoPro Mobile App was downloaded 2.6 million times in the first quarter 2015, totaling nearly 16 million cumulative downloads while quarter one installs of GoPro Studio exceeded 1.7 million with average daily exports of nearly 40,000 representing a 68% year over year increase. Furthermore, in quarter one, videos published on the GoPro Channel on YouTube were up 93% while views were up 46% year over year.
