Mission Statement, Vision, & Core Values (2024) of GoPro, Inc. (GPRO)

An Overview of GoPro, Inc. (GPRO)

General Summary of GoPro, Inc. (GPRO)

GoPro, Inc. was founded in 2002 by Nick Woodman. The company initially focused on creating cameras and accessories for extreme sports enthusiasts. Over the years, it has expanded its product line to include a variety of action cameras, drones, and software solutions for editing and sharing video content. As of 2024, GoPro's primary offerings include the HERO series of cameras, the MAX 360 camera, and various accessories such as mounts and cases. The company also provides subscription services that enhance user experience through cloud storage and editing capabilities.

As of 2024, GoPro reported total sales of $600.6 million for the first nine months, reflecting a 15.4% decrease compared to the same period in 2023. The decline was attributed to strategic pricing changes and a shift in product mix towards lower-priced cameras.

Company's Financial Performance in the Latest Financial Reports

In the third quarter of 2024, GoPro recorded revenue of $258.9 million, a decrease of 12.0% from $294.3 million in the same quarter of 2023. This decline was driven by a 4.6% decrease in units shipped, totaling 881,000 compared to 923,000 in Q3 2023. Despite this, subscription and service revenue increased by 10.6%.

The financial performance for the first nine months of 2024 included:

For the nine months ending September 30, 2024, GoPro's average selling price decreased by 4.5% to $325, with camera revenue from units priced at $400 or more representing 74% of total camera revenue.

Introduction to GoPro as a Leader in the Industry

GoPro, Inc. is recognized as a leading player in the action camera and video content creation market. The company has established a strong brand presence, particularly among adventure sports enthusiasts and content creators. Its innovative product offerings and subscription services have positioned it as a frontrunner in the industry, allowing users to capture and share high-quality video content seamlessly. GoPro's commitment to enhancing user experience through technology and community engagement further solidifies its market leadership.

Mission Statement of GoPro, Inc. (GPRO)

Mission Statement of GoPro, Inc. (GPRO)

GoPro, Inc. aims to make it easy for people to capture and share their lives. The company's mission statement emphasizes its commitment to providing high-quality, innovative products that empower users to document their experiences and share them with the world.

Core Component 1: Innovation

Innovation is a cornerstone of GoPro's mission. The company continuously invests in research and development to enhance its product offerings. In 2024, GoPro's research and development expenses totaled $135.9 million, accounting for 22.6% of its revenue for the first nine months. This focus on innovation enables GoPro to introduce new features, such as the Premium+ subscription launched in February 2024, which offers enhanced cloud storage and video stabilization capabilities.

Core Component 2: Quality

GoPro is dedicated to delivering high-quality products that meet customer expectations. The company's gross margin improved to 35.5% in the third quarter of 2024, up from 32.0% in the same period in 2023. This increase is attributed to lower operational costs and improved warranty expenses, reflecting GoPro's commitment to quality control and customer satisfaction. The average selling price of its cameras decreased to $294 in Q3 2024, down from $319 in Q3 2023, indicating a strategic shift to attract a broader customer base without compromising on product quality.

Core Component 3: Community Engagement

Community engagement is integral to GoPro's mission. The company encourages users to share their content through platforms like GoPro.com. In the third quarter of 2024, GoPro.com revenue reached $51 million, representing 19.7% of total revenue, a decline from 21.5% in Q3 2023. Despite this decrease, GoPro maintains a strong subscriber base, with a 67% retention rate for annual subscribers. This focus on building a community of engaged users helps foster brand loyalty and enhances the overall customer experience.

Vision Statement of GoPro, Inc. (GPRO)

Vision Statement Overview

The vision statement of GoPro, Inc. emphasizes its commitment to empowering consumers to capture and share their lives through innovative technology. This vision is driven by the desire to create engaging experiences that transcend traditional media, enabling users to document their adventures in real-time.

Empowerment through Innovation

GoPro's vision highlights the importance of innovation in product development. In 2024, the company has launched several new products aimed at enhancing user experience. The most notable include:

• Hero 12 Black camera with advanced stabilization features.
• GoPro Quik app updates that improve editing capabilities.
• Subscription services that offer cloud storage and exclusive content.

As of the third quarter of 2024, GoPro reported a subscription and service revenue increase of 10.6% year-over-year, totaling $79.7 million.

Community Engagement

GoPro's vision also emphasizes building a strong community. The company encourages users to share their experiences through its platforms, fostering a sense of belonging among customers. In 2024, the company reported an aggregate retention rate for annual subscribers of 67%, up from 65% in the previous year.

Additionally, GoPro's social media presence has grown, with a significant increase in user-generated content shared across various platforms, thereby enhancing brand loyalty and community interaction.

Sustainability Commitment

Another key component of GoPro's vision is sustainability. The company is actively working on reducing its environmental impact through initiatives such as:

• Using recyclable materials in packaging.
• Implementing energy-efficient manufacturing processes.
• Encouraging users to engage in sustainable practices while capturing their adventures.

GoPro has committed to reducing carbon emissions by 25% by 2025, aligning with global sustainability goals.

Financial Performance and Growth Metrics

In terms of financial performance, GoPro faced challenges in 2024, with total revenue for the third quarter reported at $258.9 million, a 12% decrease from the same period in 2023. The following table summarizes key financial metrics as of September 30, 2024:

Global Market Presence

GoPro's vision also encompasses expanding its global reach. The company's revenue breakdown by region for Q3 2024 is as follows:

This data indicates that while the Americas remain the largest market, there is a significant presence in both EMEA and APAC regions.

Core Values of GoPro, Inc. (GPRO)

Innovation

Innovation is a core value that drives GoPro, Inc. (GPRO) to continuously enhance its product offerings and maintain a competitive edge in the market. As of 2024, GoPro has demonstrated its commitment to innovation through various initiatives and product developments.

In February 2024, GoPro launched its Premium+ subscription, which includes enhanced cloud storage options and access to advanced video stabilization software. This subscription model is designed to provide users with innovative tools to create high-quality content, reflecting the company's focus on technological advancement.

Additionally, GoPro invested $135.9 million in research and development during the first nine months of 2024, a significant increase from the previous year, showcasing its dedication to innovation.

Community

Community is central to GoPro’s ethos, emphasizing the importance of user engagement and feedback. The company actively fosters a community of creators through its social media platforms and user-generated content initiatives.

In 2024, GoPro reported that approximately 45% of camera purchases resulted in new subscriptions, indicating a strong community attachment to its products. Furthermore, GoPro's annual events and contests encourage users to share their adventures, reinforcing community ties and brand loyalty.

Customer Focus

GoPro’s commitment to customer focus is evident in its product development and customer service initiatives. The company continually seeks to understand and meet the needs of its users.

For instance, during the first nine months of 2024, GoPro's subscription and service revenue increased by 10.1% to $79.7 million, highlighting the effectiveness of its customer-oriented strategies. Additionally, GoPro offers a robust customer support system that includes live chat and extensive online resources, ensuring users have access to the help they need.

Sustainability

Sustainability is a growing focus for GoPro, which aims to minimize its environmental impact while promoting responsible consumption among its users. The company has initiated several sustainability programs aimed at reducing waste and improving product lifecycle management.

GoPro’s efforts include using recyclable materials in packaging and promoting digital content sharing to reduce the need for physical products. These initiatives resonate with environmentally conscious consumers and align with the company’s long-term sustainability goals.

Integrity

Integrity is a foundational value at GoPro, guiding its business practices and corporate governance. The company emphasizes transparency and ethical behavior in all its operations.

In 2024, GoPro reported an operating loss of $95.9 million, which reflects ongoing restructuring efforts aimed at improving operational efficiency while maintaining ethical standards. The company also adheres to strict compliance guidelines, ensuring that all business practices align with regulatory requirements and stakeholder expectations.

Updated on 16 Nov 2024

Resources:

1. GoPro, Inc. (GPRO) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of GoPro, Inc. (GPRO)' financial performance, including balance sheets, income statements, and cash flow statements.
2. SEC Filings – View GoPro, Inc. (GPRO)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.