SAN MATEO, Calif. (BRAIN) — GoPro Inc. revenue for the third quarter fell 12% year-over-year, but its founder and CEO Nicholas Woodman said reducing expenses next year will help lead a return to growth.
Revenue for the quarter ending Sept. 30 was $259 million, compared with $294 million at the same time last year.
"While 2024 has been a challenging year for GoPro, the consumer digital imaging market is growing, and we believe our product roadmap will enable us to grow with it," Woodman said. "And we believe our reduced operating expenses in 2025 to approximately $250 million will position us to pursue this growth opportunity as a profitable company."
Second-quarter GAAP net income loss was $8.2 million ($0.05 loss per share), compared with $3.7 million ($0.02 loss per share) in the prior year period.
Its subscriber base grew 2% to 2.6 million, and subscription and service revenue increased 11% year-over-year to $27.5 million. Retail channel revenue was $208 million, down 10% year-over-year. GoPro.com revenue, including subscription and service revenue, was $51 million, down 19% year-over-year.
The company announced in August that it would restructure its workforce and lay off about 15% of its employees. On Oct. 29 it filed a WARN (Worker Adjustment and Retraining Notification) notice with California, notifying the state that it was making 73 permanent layoffs in the state this fall.
GoPro's corporate headquarters are in San Mateo. Its stock is traded on NASDAQ under the GPRO symbol. GoPro stock quote at Marketwatch.com.
