SAN MATEO, Calif. (BRAIN) — GoPro reported fourth-quarter revenue decreased 18% year-over-year and for the year it dropped 6%.
For the quarter ending Dec. 31, GoPro's revenue was $321 million, compared with $391 million at the same time last year. For the year, revenue was $1.09 billion, compared with $1.16 billion in 2021.
"GoPro ended the year with solid balance sheet metrics and $367 million in cash after repaying debt of $125 million and repurchasing $40 million in stock," said Brian McGee, GoPro's chief financial officer.
Net income was $3 million ($0.02 per share), down 94% year-over-year from $52.6 million ($0.32 per share).
For the year, GoPro had direct-to-consumer revenue of $411 million, increasing 5% from 2021; subscription and service revenue rose 52% to $82 million; and subscribers increased to 2.25 million, a jump of 43%.
In November, GoPro was recognized by Outside magazine as one of the 50 Best Places to Work (No. 43) — the only company with more than 200 employees to make the list.
GoPro's corporate headquarters are in San Mateo. Its stock is traded on NASDAQ under the GPRO symbol. GoPro stock quote at Marketwatch.com.
