Action camera company GoPro, Inc. (GPRO) has been struggling with consumers cutting back on spending amid high inflation and recession concerns. The company’s revenue declined 19% year-over-year in the first quarter. Moreover, GPRO flipped to a loss.
The company is focusing on its ‘updated go-to-market strategy’ to restore its product pricing to pre-pandemic levels. GPRO believes this move will accelerate growth in units, subscribers, revenue, and earnings. Additionally, GPRO is diversifying its revenue streams across both hardware and software. While its subscription-centric model is gaining traction, attaining a significant share of GPRO’s total revenue might take some time.
