Summary by Moomoo AI
GoPro announced Q3 2024 financial results with revenue of $259 million, down 12% year-over-year but exceeding guidance midpoint. Subscription and service revenue grew 11% YoY to $27.5 million, driven by improving retention rates and Premium+ subscriber growth. GoPro subscribers increased 2% YoY to 2.56 million.The company reported a GAAP net loss of $8 million ($0.05 per share) compared to a $4 million loss in Q3 2023. Non-GAAP net loss was $0.5 million (breakeven per share). Gross margin improved to 35.5% from 32.0% YoY. Cash and marketable securities stood at $130 million.GoPro launched two new products in September: the flagship HERO13 Black and an entry-level $199 4K HERO camera. The company also announced an updated restructuring plan to significantly reduce operating expenses and position for profitability in 2025, amid challenging market conditions in 2024.
