GoPro has revealed its Q2 2018 financial results, boasting a massive 40% quarter-over-quarter revenue increase to $283 million and net loss of $32 million, which the company says is a 51% sequential improvement. This marks two consecutive positive quarters for GoPro, which has historically struggled and taken various actions, including multiple layoffs, in an effort to survive.
GoPro saw its inventory drop $47 million from its first to second 2018 quarters, reaching the company’s lowest inventory level since early 2014. Year-over-year, GoPro also reduced its operating expenses by $16 million and increased its paying Plus subscriber numbers by 9% quarter-over-quarter.
GoPro claims its 18th straight quarter of having the #1 selling camera in North America, also citing a strong presence in the spherical camera, European, and Asian markets. Based on data from NPD Group, GoPro says it took 97% dollar share of the action camera market in the US, with its Fusion model taking 48% of the nation’s spherical camera category.
During the company’s earnings call with investors yesterday, GoPro CEO Nicholas Woodman revealed that the company will release three new products later this year. Details on those three products were not provided, but it’s likely one will be the company’s upcoming flagship Hero 7, an update to the Hero 6 action camera released late last year.