(SGI) The battered American brand of action cameras benefited from production delays in the third quarter, which pushed deliveries of GoPro’s new Hero8 cameras into the fourth quarter, leading the company to record strong results for the three months to Dec.31.
Revenues soared by 40 percent to $528.3 million during the quarter, while the gross margin improved by 0.5 percentage points to 38.2 percent. Net income tripled to $95.8 million – up from $31.6 million for the same period a year ago – turning this quarter into the company’s second most profitable ever.
Looking at the full financial year, revenues were up by 4 percent to $1,195 million. The strong performance from high-end products led to 90 percent of revenues coming from the $300 and above price band in 2019.
The gross margin expanded by 0.2 percentage points to 38.6 percent, while the adjusted Ebitda was $72 million, a 230 percent increase compared with last year. (More in SGI Europe)