SAN MATEO, Calif. - GoPro, Inc. (NASDAQ: GPRO), the action camera manufacturer, has reached a significant corporate milestone, surpassing 50 million camera sales since the introduction of its HD HERO camera in 2009. This achievement marks a 15-year period of innovation and market presence for the company known for its compact, durable cameras.
Nicholas Woodman, the founder and CEO of GoPro, expressed his enthusiasm for the achievement, stating, "Selling 50 million cameras over a 15-year span feels good, but it's the next 50 million cameras I'm most excited about. Buckle (NYSE:BKE) up." The company's first camera, a 35mm film-based HERO, was released in 2004, but sales figures for this model were not included in the 50 million tally.
GoPro has launched 20 cameras since 2009, each selling at least one million units. The company's cameras have been used to capture a wide range of human experiences, from extreme sports to everyday moments, contributing to the popularity of action and 360-degree cameras.
The company's technological advancements have been recognized with multiple awards, including Technical Emmy® and Red Dot Design awards. In 2018, GoPro was inducted into IEEE Spectrum's Consumer Electronics Hall of Fame, solidifying its reputation for performance, innovation, and quality.
Aside from its product success, GoPro has also been acknowledged for its workplace environment, being named among the best places to work by Outside Magazine and US News & World Report. The company continues to offer career opportunities, which are listed on its careers page.
The milestone is based on a press release statement from GoPro, Inc. and reflects the company's continued influence in the camera market. As GoPro looks ahead, it aims to maintain its commitment to helping people capture and share their experiences in immersive ways.
In other recent news, GoPro Inc. disclosed its Q1 2024 financial results, reporting a revenue of $155.5 million and a non-GAAP gross margin of 34.4%. Despite a non-GAAP EPS loss of $0.21, the company noted a 6% year-over-year increase in subscribers, totaling 2.5 million. A delay in the launch of a new entry-level camera is expected to impact future revenue projections.
In further developments, GoPro has recently launched a comprehensive merchandising initiative at Best Buy (NYSE:BBY), aiming to enhance the retail experience for its customers in North America. The company's products, including a variety of accessories, are now showcased in nearly 900 Best Buy stores, with a significant presence in over 250 dedicated Camera Experience Shops.
The collaboration with Best Buy involves redesigned product displays and specialized training for store associates on GoPro's product lineup. These recent developments are geared towards providing customers with an immersive GoPro experience and expert advice on the company's cameras and accessories.
InvestingPro Insights
As GoPro celebrates its milestone of 50 million camera sales, the company's financial metrics offer a broader view of its market standing. With a market capitalization of $249.77 million, GoPro remains a noteworthy player in the camera industry. The company's commitment to innovation and quality is mirrored in its substantial revenue of $986.21 million over the last twelve months as of Q1 2024, despite a challenging revenue growth rate of -6.21% during the same period.
InvestingPro Tips suggest that GoPro's price/book ratio, which stands at 1.11, indicates a potentially reasonable valuation in relation to the company's book value. Additionally, the gross profit margin of 32.86% reflects GoPro's ability to retain a significant portion of its sales as gross profit.
Investors tracking the company's performance will note the recent uptick in GoPro's stock, with a 1-week total price return of 10.81%, potentially signaling increased investor confidence. Moreover, GoPro's fair value is assessed at $1.77 by InvestingPro, slightly below the analyst target of $1.85, suggesting room for growth.
For readers seeking deeper analysis and additional insights, InvestingPro offers a wider range of tips to help investors make informed decisions. There are currently numerous additional tips available on InvestingPro, and users can take advantage of a special offer using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
While GoPro's past achievements are commendable, the company's financial health and market performance will be crucial as it aims to sell the "next 50 million cameras" and continues to innovate in the competitive action camera market.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.