SAN MATEO, Calif. (BRAIN) — GoPro revenue decreased 32% year-over-year in the fourth quarter and 20% in 2024 with its founder and CEO saying the action camera brand intends to reduce expenses this year.
"In 2024 we undertook several initiatives to put us back on a path to return to growth and profitability in 2026," Nicholas Woodman said. "This includes our plan to reduce operating expenses for 2025 by nearly 30% and refining our roadmap to pursue improved product diversification and how efficiently we design our products."
GoPro announced plans in August to reduce its workforce by about 15% with about 140 employees of a staff of 925 that were affected by the end of the year.
Revenue for the fourth quarter that ended Dec. 31 was $201 million, compared with $295 million at the same time last year. Revenue for the year was $801 million, compared with $1.0 billion in 2023.
Fourth-quarter GAAP net income loss was $37 million ($0.24 loss per share), compared with a net loss of $2 million or ($0.02 loss per share) at the same time last year. GAAP net income loss for 2024 was $432 million ($2.82 loss per share), compared with a net loss of $53 million ($0.35 loss per share) in 2023.
In the fourth quarter, revenue from the retail channel was $150 million, or 74% of total revenue, and down 34% year-over-year.
Earlier this week, GoPro said it did not expect new tariffs on Chinese goods to affect its business significantly.
"Over the last few years, we proactively moved our U.S.-bound camera production outside of China, which has significantly reduced the impact of tariffs," said Brian McGee, CFO and COO of GoPro. "We are continuously evaluating and optimizing our supply chain to improve delivery of our products at lower cost."
GoPro's corporate headquarters are in San Mateo. Its stock is traded on NASDAQ under the GPRO symbol. GoPro stock quote at Marketwatch.com.
