GoPro, Inc. (NASDAQ: GPRO) reported a sharp fall in adjusted earnings for the third quarter of 2023 when the action camera maker’s revenues declined 4%.
September-quarter earnings, on an adjusted basis, was $0.04 per share, compared to $0.19 per share a year earlier. On a reported basis, it was a loss of $3.68 million or $0.02 per share in Q3, compared to net income of $17.6 million or $0.10 per share in the prior-year period.
The bottom line was negatively impacted by a 4% decrease in revenues to $294 million. Meanwhile, total camera shipments increased 16% year-over-year to around 923,000 units.
“The successful launch of HERO12 Black combined with strong entry-level product sales and our growing retail presence to help us exceed our Q3 revenue and unit sales expectations and finish the quarter with 2.5 million subscribers,” said the company’s CEO, Nicholas Woodman.