GoPro says that global chip shortages and other supply chain shortfalls will not affect this year's holiday sales, meaning the company is poised to finish off one of its best years on a strong note.
See also: GoPro Hero 9: Will it be released with a color front screen?
“Despite supply chain constraints affecting many industries, we have successfully worked with our suppliers to build inventory to support our fourth quarter revenue expectations,” said CEO Nick Woodman, discussing the company’s third-quarter financial results on Thursday. “GoPro.com and our partners will be stocked and ready for shoppers this holiday season.”
This is particularly good news for GoPro’s results, because the new Hero10 Black is selling incredibly well, despite its higher price tag of $499. GoPro said Thursday that 98% of the roughly 800,000 cameras it sold in the third quarter were priced at or above $300, compared to 83% a year ago. The average selling price for cameras in the quarter was $381, up 25 percent from a year earlier.
See also: GoPro: Fusion VR camera improves via software update
GoPro has also increasingly shifted to a direct-sales model in recent years, with nearly a third of its revenue this past quarter coming from sales through GoPro.com, meaning it earns more on every camera sold. The company said Thursday that it closed $14 million in revenue last quarter for its subscription service, which now has more than 1.34 million customers.
All of this amounts to the company's best third quarter since 2017. GoPro closed with $317 million in revenue and about $49 million in profit.
See also: GoPro Hero 10 Black review: A major upgrade
GoPro's best quarter, however, is usually its last. The holiday season has always been a lucrative one for the action camera company, even in its most difficult years. With the Hero 10 Black already doing well and memories of layoffs and failed products fading, this could prove to be one of the company's best quarters since the holiday season of 2014, when it entered the mainstream with the Hero4 cameras.
