GPRO - Why GoPro's Shares Dropped 12.8% This Week
2024-02-09 15:39:34 ET
The fourth quarter of 2023 was another weak quarter for GoPro (NASDAQ: GPRO) , and shares took it on the chin when results were released. The stock dropped as much as 15.5% this week and, according to data provided by S&P Global Market Intelligence , shares were down 13.2% just 30 minutes before the week's trading ended on Wall Street.
Revenue fell 8% in the quarter to $295 million, despite subscription revenue rising 13% to $25 million. But GoPro reported a $2.4 million loss, or $0.02 per share, in what should be the most important quarter of the year due to the holiday season.
Despite falling revenue and GoPro struggling with stagnant margins, operating revenue rose from $102.6 million a year ago to $110.5 million. And the average sale price of a camera fell 13% to $330, so it doesn't seem like there's much pricing power either.
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Why GoPro's Shares Dropped 12.8% This Week