GoPro Inc is an American technology company that develops and produces wearable and mountable cameras, related apps and software. The company offers action cameras, drones, stabilisation solutions, multiple accessories and apparel delivered to customers via retailers, distributors and an online store. The app’s offerings include Capture (that allows live preview, remote camera control and sharing of the shots) and Quik for mobile devices and desktops (enabling shots to be edited).
Nicholas Woodman has been Chief Executive Officer since 2004 and Chairman since 2014. He founded the company after becoming frustrated by the lack of affordable quality equipment for amateur action photographers. So the business is very much his personal mission.
Other key figures at GoPro include Brian McGee, who has served as Chief Financial Officer since March 2016; and Senior Vice President Sharon Zezima, who’s been head of Corporate/Business Development since October 2017, General Counsel since September 2013 and Corporate Secretary since October 2013.
The business was founded as Woodman Labs Inc in 2002, and began doing business as GoPro in 2004, when it sold its first 35mm film-based wrist camera system called HERO. Subsequently digital cameras – both still and video – were introduced. GoPro also developed its own video editing software, and created channels for its content on YouTube, Virgin America and Xbox Live.
The company made a number of acquisitions over the years, including CineForm in 2011 and start-ups Stupeflix and Vemory in 2016. GoPro launched its Initial Public Offering in June 2014, selling 17.8 million shares at $24 a share. The IPO valued the company at $2.95 billion. The GoPro Inc share price soared, and at the end of September 2014 the company’s market capitalisation briefly touched an astonishing $11 billion.
Amid great optimism, GoPro grew its workforce by more than 500 in 2015. But sales disappointed in the fourth quarter of that year, the shares plunged, and 100 employees were made redundant the following January. In November 2016, GoPro revealed it was axing another 200 staff as part of cost-cutting measures.
GoPro made further staff cuts in 2017 and at the beginning of 2018, bringing the company’s workforce down to just under 1,000.
In its full year 2017 results, GoPro posted revenue of $1.18 billion, flat year-on-year. Operating expenses fell by more than 30% compared with the previous year. The company ended 2017 with $247 million in cash and marketable securities – up $50 million from the third quarter.
Nicholas Woodman said the results demonstrated that “there is significant demand for GoPro products at the right price”. He said new, higher margin cameras would be launching later in 2018, and initiatives would be launched to grow GoPro's subscription service Plus – an increasingly important focus for the business.
As of 23 February 2018, GoPro had a market capitalisation of around $820 million. Our GPRO chart tracks the recent ups and downs of the company’s share price.
The company is headquartered in San Mateo, California, and incorporated in the State of Delaware. GoPro also has offices in Shanghai and Shenzhen, China, and in a number of European countries including France, Germany, the UK and the Netherlands.
GoPro Inc is listed on the NASDAQ Global Select Market. Check out Capital.com for the latest GPRO chart.
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