GoPro fourth-quarter revenue was down 18%.

GaryPageau

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.

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Gary Pageau is principal of InfoCircle LLC, continuing his marketing communications career. InfoCircle LLC is a marketing and communications consulting firm, specializing in business-to-business markets. For nearly 25 years, he was with PMA International, serving most recently as Publisher, Content Development and Strategic Initiatives. His primary responsibilities included overseeing the Association’s editorial department, marketing research unit, education and corporate relations department.