GoPro Q3 2024 Earnings Report
Key Takeaways
GoPro reported Q3 2024 revenue of $259 million, exceeding the midpoint of its guidance, and a subscriber base growth of 2% year-over-year to 2.56 million. The company updated its restructuring plan to substantially reduce operating expenses and position GoPro for profitability in 2025.
Revenue was $259 million, a 12% decrease year-over-year.
Subscription and service revenue increased 11% year-over-year to $27.5 million.
GoPro subscriber count ended Q3 at 2.56 million, up 2% year-over-year.
GAAP net loss was $8 million, or a $(0.05) loss per share.
GoPro
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GoPro Revenue by Segment
Forward Guidance
GoPro is focused on reducing operating expenses and believes its product roadmap will enable growth in the consumer digital imaging market.
Positive Outlook
- Significantly reduced 2025 operating expenses will position the company to pursue growth opportunities as a profitable company.
- The consumer digital imaging market is growing.
- New products launched, including HERO13 Black and the 4K HERO.
- Updated restructuring plan for Q4 2024 to significantly reduce operating expenses and position GoPro for profitability in 2025.
- Adjusted EBITDA was $5 million, a $39 million sequential improvement.
Challenges Ahead
- 2024 has been a challenging year for GoPro.
- Revenue was down 12% year-over-year.
- GoPro.com revenue, including subscription and service revenue, was down 19% year-over-year.
- GAAP net loss was $8 million, compared to a net loss of $4 million in the prior year period.
- Non-GAAP net loss was $0.5 million, compared to non-GAAP net income of $9 million in the prior year period.
Revenue & Expenses
Visualization of income flow from segment revenue to net income