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GoPro Slashes Workforce in Cost-Cutting Move GoPro (NASDAQ:GPRO) is a San Mateo, California-based company that develops and sells cameras, mountable and wearable accessories, and subscription services and software in the Americas, Europe, the Middle East, Africa, the Asia and Pacific region, and worldwide. Its shares have plunged 34% so far in 2024 as of close on Wednesday, March 27. The stock has dropped 53% year over year. GoPro thrived through the beginning of the COVID-19 pandemic but has since experienced a drop off in revenue and its stock value.
In response to this reality, the company has sought to reduce its workforce and operating costs. This week, the digital-camera maker announced in a filing that it would trim its workforce by 4% to save roughly $7.5 million in costs.
The company unveiled its fourth quarter (Q4) and full year fiscal 2023 on February 7, 2024. In Q4 2023, revenue was reported at $295 million – down 8% compared to Q4 FY2022. Meanwhile, subscription and service revenue climbed 13% year-over-year to $25 million. The GoPro subscriber count finished the quarter at 2.5 million. That was up 12% compared to the previous year.
For the full year, GoPro reported total revenue of $1.0 billion. That was also down 8% compared to the full year in 2022. Meanwhile, subscription and service revenues increased 18% to $97 million. Adjusted EBITDA was reported at negative $27 million. That was down from positive $95 million adjusted EBITDA for the full year in 2022.
Shares of GoPro are trading in solid value territory compared to its industry peers at the time of this writing.
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