GoPro Inc ( (GPRO) ) has released its Q4 earnings. Here is a breakdown of the information GoPro Inc presented to its investors.
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GoPro Inc., a leading company in the action camera industry, is renowned for its innovative products that capture and share immersive experiences. In its latest earnings report, GoPro announced a revenue of $801 million for 2024, with a notable emphasis on its growing subscription and service sector, which saw a 10% increase compared to the previous year.
The company faced a challenging year with a 20% decline in overall revenue and a significant net loss of $432 million. Despite these setbacks, GoPro’s subscription and service revenue showed resilience, contributing positively with a notable year-over-year increase. The company also reported improvements in gross margins, attributed to cost reductions and enhanced operational efficiencies.
Key financial metrics from the fourth quarter revealed a 32% decrease in revenue to $201 million, with a decline in camera unit sell-through. The retail channel faced a substantial drop, while GoPro.com sales, including subscriptions, also saw a decrease. However, the average selling price of cameras increased, indicating a shift towards higher-value products.
Looking forward, GoPro remains optimistic about returning to profitability by 2026. The company’s management plans to further reduce operating expenses and diversify its product offerings, aiming to enhance product design efficiency and supply chain diversification.
