As of September 30, 2024, GoPro, Inc. reported a significant decline in financial performance compared to the previous fiscal period. Total revenue for the three months ended September 30, 2024, was $258.9 million, a decrease of 12% from $294.3 million in the same period of 2023. For the nine months ended September 30, 2024, revenue totaled $600.6 million, down 15.4% from $710.0 million in the prior year. The decline in revenue was attributed to a decrease in units shipped, which fell to 881,000 in Q3 2024 from 923,000 in Q3 2023.
The company's profitability also worsened, with a net loss of $8.2 million for Q3 2024, compared to a net loss of $3.7 million in Q3 2023. For the nine months ended September 30, 2024, the net loss escalated to $395.1 million, significantly higher than the $50.8 million loss reported in the same period of 2023. The operating loss for the three months was $(8.0) million, compared to $(3.8) million in Q3 2023, reflecting a deteriorating margin performance.
GoPro's total current assets decreased to $454.6 million from $482.6 million at the end of 2023, while total assets fell to $661.6 million from $968.0 million. Total liabilities increased to $477.7 million, up from $412.1 million, leading to a substantial drop in stockholders' equity to $183.9 million from $555.8 million. The accumulated deficit also widened to $(644.4) million from $(249.3) million.
In response to these challenges, GoPro initiated a cost reduction strategy in October 2024, which includes a workforce reduction of approximately 26% compared to Q2 2024. The company also plans to cut marketing expenses in the latter half of 2024 and into 2025. Additionally, GoPro launched the HERO13 Black camera in September 2024, featuring advanced specifications aimed at revitalizing sales.
Subscription and service revenue showed some resilience, increasing by 10.6% in Q3 2024, contributing $27.5 million to total revenue. The company continues to focus on enhancing its subscription offerings to drive retention and revenue growth.
GoPro's cash and cash equivalents stood at $130.2 million as of September 30, 2024, down from $222.7 million at the end of 2023. The company anticipates sufficient funds to meet its strategic and working capital requirements for at least the next twelve months.
About GoPro, Inc.
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