GoPro Inc ( (GPRO) ) has released its Q3 earnings. Here is a breakdown of the information GoPro Inc presented to its investors.
GoPro, Inc. is a company that enables users to capture and share their experiences through its range of cameras and accessories, primarily operating in the consumer digital imaging sector. Known for its innovative products, GoPro has become a staple for adventure enthusiasts and content creators alike.
In its latest earnings report for the third quarter of 2024, GoPro reported a revenue of $259 million, surpassing its guidance midpoint. Despite a challenging year, the company saw growth in its subscription and service segment, which rose by 11% year-over-year, and a modest 2% increase in its subscriber base to 2.56 million.
However, GoPro experienced a 12% decrease in overall revenue compared to the same period last year, with significant declines in both retail and GoPro.com sales channels. The company reported a GAAP net loss of $8 million, which is an increase from the previous year’s loss. The company also highlighted a restructuring plan aimed at reducing operating expenses and positioning itself for profitability in 2025.
The company launched two new products, the flagship HERO13 Black and a new entry-level camera, which are expected to invigorate sales. Despite the financial setbacks, GoPro maintained a stable gross margin and saw a positive adjusted EBITDA improvement.
Looking forward, GoPro’s management remains optimistic about the potential growth in the consumer digital imaging market. With a refined product roadmap and reduced operating expenses, the company aims to capture future growth opportunities and return to profitability in the coming year.
