GoPro net worth is a key focus when analyzing the brand’s financial performance.
At Ando Money, we explore GoPro’s revenue streams, sales growth, and how its financials stack up in 2024.
Let’s take a look at how GoPro is navigating its financial landscape and what it means for the company’s future.
Quick Facts
| FACT | DETAIL |
|---|---|
| Name | GoPro, Inc. |
| Full Name | GoPro, Inc. |
| Website | gopro.com |
| Industry | Consumer Electronics |
| Traded as | NASDAQ: GPRO |
| ISIN | N/A |
| Founded | 2002 |
| Founders | Nicholas Woodman |
| Country/Territory | United States |
| Headquarters | San Mateo, California, U.S. |
| Chief Executive Officer | Nicholas Woodman |
| Number of Employees | 930 (2023) |
| Market Cap | $0.20 Billion |
| Total Assets | N/A |
| Total Equity | N/A |
| Revenue | $186 Million (Q2 2024) |
| Net Income | $(0.31) GAAP loss per share |
What is the Net Worth/Market Cap of GoPro in 2024?
As of October 2024, GoPro’s market cap stands at $0.20 Billion, making it one of the notable players in consumer electronics.
Despite its current valuation, the company has faced challenges in revenue growth and profitability.
Compared to some of its competitors and partners, GoPro’s valuation might seem modest, but it reflects the brand’s recent market performance and financial health.
Here are some related companies within the same landscape:
- DJI
- Canon
- Sony
- Garmin
- Nikon
- Olympus
- Insta360
- Ricoh
- YI Technology
- Polaroid
Interested in how GoPro compares to the world’s top companies? Discover the most valuable brands across different sectors.
GoPro Financial Performance Overview
Camera Sales and Product Diversification
Camera sales are the core revenue driver for GoPro. In Q2 2024, GoPro sold through over 600,000 units, marking a 9% year-over-year decrease. Despite this, GoPro has maintained its focus on diversifying its camera offerings.
The HERO series, especially the upcoming HERO13 Black, is set to bring a renewed interest in their product line-up.
The new $199 HERO camera, designed for better profit margins, is expected to enhance sales and improve the gross margin in the latter part of 2024 and into 2025.
Subscription and Service Revenue
One of GoPro’s significant revenue growth areas has been its subscription services. Subscription and service revenue grew by 8% year-over-year, contributing $26 million in Q2 2024.
With a growing subscriber base of 2.53 million users, subscription revenue represents about $125 million in annual recurring revenue.
The company’s strategy to drive annual subscriptions, with a retention rate of 68%, highlights the value and stickiness of GoPro’s service ecosystem.
Regional Sales Performance
GoPro’s sales performance varies across different regions, significantly affecting its revenue.
The Americas saw a 27% decline in revenue year-over-year in Q2 2024, while Asia-Pacific faced a 38% drop, influenced heavily by macroeconomic issues and increased competition, particularly in China.
However, EMEA (Europe, Middle East, and Africa) has shown more stability, with only a 3% revenue decrease.
Gross Margin Trends and Influences
GoPro reported a gross margin of 30.7% in Q2 2024, slightly down from 31.6% in the previous year.
This slight decline is largely due to increased price promotions and lower accessory sales.
However, the introduction of new, higher-margin products is anticipated to improve the gross margin to approximately 34.5% for the full year of 2024, with expectations to rise further in 2025.
Retail vs. Direct-to-Consumer Revenue
Retail remains the dominant sales channel for GoPro, accounting for 74% of its total revenue in Q2 2024, equating to $137 million.
On the other hand, GoPro.com, the brand’s direct-to-consumer channel, made up 12% of the total revenue, contributing $23 million.
The company has been expanding its retail presence, adding approximately 800 new retail doors globally in Q2 2024. This increase in retail footprint is crucial for sales growth, particularly in EMEA and Latin America.
Marketing and Sales Strategy for Revenue Growth
To boost its global sales, GoPro has employed strategic partnerships and marketing efforts.
The partnership with Softbank Group’s SB C&S Corporation in Japan, for instance, has improved in-store merchandising and brand exposure.
This kind of strategy ensures that GoPro maintains a solid retail presence and drives more units to consumers, keeping the brand relevant in an increasingly competitive market.
Operational Efficiency and Cost Management
Efforts to improve operational efficiency have been a focus for GoPro. In Q2 2024, the company managed to decrease its inventory to $97 million, down by 28% year-over-year.
This was achieved through inventory reductions ahead of new product launches.
GoPro aims to reduce its operating expenses to around $320 million +/- $5 million in 2025, with a goal to enhance profitability.
Subscription Retention and Customer Lifetime Value
Retention is critical for GoPro’s subscription model. The annual subscriber retention rate improved to 68%, and the company’s focus remains on retaining high-value customers.
This strategy directly impacts GoPro’s long-term revenue by ensuring that subscribers stay connected to their services year after year.
Future Financial Outlook and Revenue Projections
Looking ahead, GoPro anticipates ending 2024 with $150 million in cash, cash equivalents, and marketable securities.
The introduction of new products and cost-saving measures are expected to drive profitability.
The brand’s goal for 2025 is clear: return to profitability by reducing operating expenses and increasing sales through product diversification.
FAQs About GoPro
How did GoPro perform financially in Q2 2024?
It reported revenue of $186 million in Q2 2024, exceeding guidance. The gross margin was 30.7%, and the company reported a non-GAAP loss per share of $(0.24).
What are GoPro’s major revenue sources?
The company’s primary revenue sources are camera sales, with HERO cameras being the flagship product, followed by subscription and service revenue contributing approximately $26 million in Q2 2024.
How is GoPro expanding its global retail presence?
The company added around 800 new retail doors globally in Q2 2024, focusing on expanding in EMEA and Latin America to boost its brand presence and retail revenue.
What is GoPro’s current subscriber base?
As of Q2 2024, it has a subscriber base of 2.53 million, with around 33,000 Premium+ subscribers contributing to its recurring revenue model.
What is GoPro’s financial outlook for 2025?
The compnay plans to reduce operating expenses to around $320 million +/- $5 million in 2025, aiming to achieve profitability through cost savings, new product launches, and a focus on high-margin products.
Conclusion
If you found this financial breakdown helpful, feel free to leave your comments or share this article. Stay updated on more insights by exploring Ando Money’s resources at andomoney.com.
