Earnings Results: GoPro to drop prices on cameras after earnings miss, revenue decline

by | May 9, 2023 | Stock Market

GoPro Inc. is reducing prices that were raised earlier in the COVID-19 pandemic, after the action-camera company announced that revenue declined nearly 20% in the first three months of the year. GoPro
announced that it will return to prepandemic pricing structures on its lineup of cameras, slicing $50 to $100 off most models. For example, the company’s flagship Hero11 Black camera will now sell for $399.99 instead of $499.99. GoPro also said that discounts on products that it had offered subscribers will go away; subscription prices were dropped to $24.99 for the first year, with subsequent years staying the same at $49.99.

“Pandemic-related challenges forced us to raise prices, but now those pressures have eased and we’re stoked to make the insane performance of today’s GoPro more accessible for everyone,” Chief Executive Nicholas Woodman said in a statement. In addition to dropping prices, GoPro executives are also looking to return to retail stores after focusing on direct-to-consumer sales during the pandemic. “We did a great job adjusting our go-to-market strategy for the pandemic,” Woodman said in a conference call. “But ironically, that same go-to-market strategy that worked so well when consumers weren’t going to stores and stores were closed and people were shopping onlin …

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