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Sep 30, 2023
GoPro Q3 2023 Earnings Report
GoPro's Q3 2023 financial results were announced, revealing a slight revenue decrease year-over-year but exceeding the midpoint of guidance, driven by strong entry-level product sales and subscriber growth.
Key Takeaways
GoPro reported Q3 2023 revenue of $294 million, a 4% decrease year-over-year but above the midpoint of guidance. The company achieved a subscriber count of 2.5 million, a 20% increase year-over-year. However, GAAP net loss was $4 million, a decrease from the prior year's net income of $18 million.
Revenue reached $294 million, exceeding the midpoint of guidance by 5%.
Subscriber count grew to 2.5 million, marking a 20% increase year-over-year.
Retail channel revenue increased by 12% year-over-year, accounting for 78% of total revenue.
GAAP net loss was $4 million, a decrease compared to the previous year's net income of $18 million.
Revenue by Segment
Forward Guidance
GoPro anticipates that its growth strategy will serve as a catalyst for considerable revenue, subscriber, and earnings expansion in 2024. However, forward-looking statements are subject to risks and uncertainties.
Positive Outlook
- Expectations for profitability and subscription growth.
- Product pricing strategy
- Expanded distribution
- Overall consumer demand for products
- Stock repurchase plan in 2023 and 2024.
Challenges Ahead
- Inability to achieve revenue growth or profitability.
- Economic downturn or uncertainty in key markets.
- Reliance on third-party suppliers and potential supply shortages.
- Risk of sales falling below forecasts, especially during the holiday season.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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