SAN MATEO, Calif. (BRAIN) — GoPro Inc. first-quarter revenue decreased 19.4% year-over-year, but founder and CEO Nicholas Woodman said the company exceeded expectations for product and subscription service demand.
For the quarter ending March 31, revenue was $175 million, compared with $217 million at the same time last year. Subscribers were up 36% year-over-year (2.36 million). GoPro.com revenue, including subscription and service revenue, increased 7% year-over-year at $95 million (54% of all revenue). Retail channel revenue was $80 million, a decrease of 38% compared with the same period last year.
"Capitalizing on our momentum, effective today, we're implementing an updated go-to-market strategy that restores our product pricing to pre-pandemic levels, which we believe will accelerate growth in units, subscribers, revenue and earnings," Woodman said.
At GoPro retailers and on GoPro.com, the flagship HERO11 Black is now priced at $399.99, HERO11 Black Mini $299.99, HERO10 Black $349.99, and HERO9 Black $249.99. The vlogger and pro-content and creator-focused HERO11 Black Creator Edition is now $599.99. Only MAX, GoPro's dual-lens, creative-powerhouse 360 camera, remains at its current $499.99 pricing.
Cameras with retail prices at or above $400 represented 87% of Q1 camera revenue.
GoPro.com no longer will offer camera discounts to shoppers who become GoPro subscribers at the time of purchase. GoPro's new everyday pricing is available to shoppers worldwide, regardless of whether or not they are a GoPro subscriber. Existing GoPro subscribers still will be able to purchase future GoPro cameras at a discount as a part of their existing GoPro subscription benefits.
"Pandemic-related challenges forced us to raise prices, but now those pressures have eased and we're stoked to make the insane performance of today's GoPro more accessible for everyone," Woodman said.
GoPro is also making its GoPro subscription more accessible with introductory $24.99 pricing for the first year and $49.99 upon annual renewal thereafter.
First-quarter GAAP net income loss was $30 million (negative $0.19 per share) compared with $6 million ($0.04 per share) in the prior year period.
GoPro's corporate headquarters are in San Mateo. Its stock is traded on NASDAQ under the GPRO symbol. GoPro stock quote at Marketwatch.com.
