SAN MATEO, Calif. (BRAIN) — GoPro Inc. third-quarter revenue decreased 4% year-over-year but experienced subscription and service revenue growth for the quarter ending Sept. 30.
Revenue was $305 million, down from $317 million at the same time last year. Subscription and service revenue grew 48% year-over-year to $21 million for the quarter.
"GoPro's resilience during this challenging economic environment is testament to the meaningful role GoPro plays in the lives of the world's most active and creative people," said Nicholas Woodman, GoPro founder and CEO.
Net income was $18 million ($0.10 per share), down 94% year-over-year from $312 million ($1.92 per share). GoPro said the decrease was driven by the release of a $263 million tax valuation allowance during the third quarter in 2021.
GoPro subscribers increased 55% year-over-year to 2.1 million.
"Now that we have crossed the two-million subscriber threshold, we are positioned to generate more than $100 million in annual recurring high-margin subscription revenue moving forward," said GoPro CFO and COO Brian McGee.
GoPro's corporate headquarters are in San Mateo. Its stock is traded on NASDAQ under the GPRO symbol. GoPro stock quote at Marketwatch.com.
