GoPro Inc. (NASDAQ: GPRO), a specialist in action cameras, has reported a decline in third-quarter profit and revenues, even as product shipments dropped year-over-year.
Earnings, excluding non-recurring items, decreased to $0.19 per share in the September quarter from $0.34 per share a year earlier. On an unadjusted basis, the net profit was $17.57 million or $0.10 per share, compared to $311.76 million or $1.92 per share in the third quarter of 2021.
The bottom-line performance was negatively impacted by a 4% decrease in revenues to $305.1 million. An increase in sales in the Asia Pacific region was more than offset by lower sales in EMEA and the Americas.
Check this space to read management/analysts’ comments on GoPro’s Q3 2022 results
“In Q3 GoPro delivered revenue at the high-end of guidance and solid GAAP and non-GAAP earnings. GoPro’s resilience during this challenging economic environment is a testament to the meaningful role GoPro plays in the lives of the world’s most active and creative people,” said Nicholas Woodman, GoPro’s CEO.