1. GoPro's 2024 revenue was $801 million, down 20.3% from 2023. 2. In Q4 2024, revenue dropped to $201 million, marking a 32% decline. 3. Subscription revenue rose 10% year-over-year, totaling $107 million in 2024. 4. Operating expenses expected to be cut by 30% in 2025 to improve profits. 5. Gross margins improved, reaching 34.7% in Q4 2024 compared to 34.2% in Q3 2024.
Declining revenue and increased losses likely to deter investors, similar to past declines.
Significant financial results provide insight into GoPro's current market position.
Immediate financial results may impact stock price, but recovery plans could provide long-term benefits.
2024 Subscription and Service Revenue of $107 million, Up 10% Year-over-Year
SAN MATEO, Calif., Feb. 6, 2025 /PRNewswire/ -- GoPro, Inc. (NASDAQ: GPRO) announced financial results for its fourth quarter and full year ended December 31, 2024, and posted management commentary, including forward-looking guidance, in the investor relations section of its website at https://investor.gopro.com.
"In 2024 we undertook several initiatives to put us back on a path to return to growth and profitability in 2026. This includes our plan to reduce operating expenses for 2025 by nearly 30% and refining our roadmap to pursue improved product diversification and how efficiently we design our products," said Nicholas Woodman, GoPro's founder and CEO.
"Our continued focus to streamline our business has yielded reduced product costs and improved operational efficiencies as well as continued diversification of our supply chain outside of China, all of which has contributed to improving gross margin," said Brian McGee, GoPro's CFO and COO.
| Three months ended December 31, | Year ended December 31, | ($ in thousands, except per share amounts) | |
|---|---|---|---|
| 2024 | 2023 | % Change | |
| Revenue | $ 200,882 | $ 295,420 | (32.0) % |
| $ 801,473 | $ 1,005,459 | (20.3) % |
GoPro management will host a conference call and live webcast for analysts and investors today at 2 p.m. Pacific Time (5 p.m. Eastern Time) to discuss the Company's financial results.
To listen to the live conference call, please call +1 833-470-1428 (US) or +1 404-975-4839 (International) and enter access code 687084, approximately 15 minutes prior to the start of the call.
GoPro helps the world capture and share itself in immersive and exciting ways. GoPro has been recognized as an employer of choice by both Outside Magazine and U.S. News & World Report for being among the best places to work.