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GoPro Inc. (GPRO+3.13%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports a decrease in revenue to $801.5 million from $1.0 billion in 2023, attributed to a decline in camera units shipped and increased competition. The average selling price of cameras also decreased by 2.2% year-over-year.
GoPro's gross margin increased to 33.8% from 32.2% in the previous year, driven by an increased margin contribution from subscription and services.
The company reported an operating loss of $135.0 million for 2024, compared to a loss of $75.5 million in 2023. The net loss for the year was $432.3 million, which included a valuation allowance on deferred tax assets.
GoPro's subscription and service revenue grew by 9.7% to $107.0 million in 2024, representing 13.3% of total revenue.
The company implemented restructuring plans in 2024, resulting in a reduction of its global workforce by 25% and incurring restructuring charges of $24.4 million.
GoPro's cash and cash equivalents totaled $102.8 million as of December 31, 2024, with a remaining share repurchase authorization of $60.4 million.
The company continues to focus on developing new products and enhancing its subscription offerings to drive future growth and profitability.
GoPro's international revenue accounted for 52.7% of total revenue, with significant sales in the Americas, Europe, and Asia-Pacific regions.
The filing also details GoPro's efforts to manage costs and improve operational efficiency amid challenging macroeconomic conditions.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the GoPro Inc. annual 10-K report dated March 17, 2025. To report an error, please email earnings@qz.com.