GoPro's CEO on the action camera maker's fight for survival
GoPro has fallen out of its pandemic-era profitability. Founder Nick Woodman spoke to Capital Brief about how the company will get its groove back.
The pandemic was a rollercoaster for GoPro. The camera maker took a battering as COVID hit, then impressed investors with its agility and resilience. Yet adjusting to life after the pandemic proved to be surprisingly difficult, admits GoPro founder and CEO Nick Woodman.
The company's shares have had a tough run since listing in 2014 aside from some early euphoria about the company's ability to transform itself into a content business. The stock had a good run during the pandemic though, rising as high as USD13.54 in 2021 and nearly tripling its pre-COVID-levels. But they've since fallen 73% to $3.54 amid concerns about flat growth and inconsistent profitability as well as competition from the likes of Apple.
But now Woodman says the company is back on track. GoPro has flitted in and out of profitability over the years, making a net income of USD29 million last year after ending the previous two quarters in the red. Woodman, in Sydney to promote GoPro's new Hero12 Black, expects short term prospects to improve thanks to wider margins on upcoming entry-level GoPro cameras. Over the long term he sees software driving growth, with a welcome boost coming from artificial intelligence.
And, perhaps unsurprisingly, he's a big believer in work-from-home culture.
The following is our interview with GoPro founder and CEO Nick Woodman, lightly edited for brevity and clarity.
