GoPro fourth-quarter revenue was down 18%.

GoPro, Inc. announced that fourth-quarter revenue was down 18% to $321 million. Fourth quarter GAAP net income was $3 million, or $0.02 per share, down from net income of $53 million or $0.32 per share in the prior year period.

“In 2022, GoPro achieved GAAP profitability in a very challenging macroeconomic environment,” said Nicholas Woodman, GoPro’s founder and CEO. “We generated EBITDA of $95 million, or 9% of revenue. Additionally, we grew subscribers to 2.25 million, bringing our subscription and service revenue to an annual run rate of $100 million with 70-80% gross margin.”

“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 CFO and COO.

In the fourth quarter, GoPro.com revenue, including subscription and service revenue, was flat year-over-year at $128 million, or 40% of total revenue.

Cameras with retail prices at or above $400 represented 90% of Q4 2022 camera revenue.

For the full-year, revenue was $1.09 billion, down 6% year-over-year. 2022 GAAP net income was $29 million, or $0.18 per share, down year-over-year from net income of $371 million or $2.27 per share, which included a tax benefit of $1.74 per share.

GoPro.com revenue increased 5% year-over-year to $411 million, comprising 38% of total revenue. GoPro subscriber count ended 2022 at approximately 2.25 million, up 43% year-over-year.

Cameras with retail prices at or above $400 represented over 90% of 2022 camera revenue.