GoPro

#5025

Rank

$687.7M

MarketCap US

US United States

Country

Summary
GoPro, Inc. develops and sells cameras, mountable and wearable accessories, and subscription services and software in the United States and internationally. The company offers cloud connected HERO10 Black, HERO9 Black, and HERO8 Black waterproof cameras; MAX, a 360-degree waterproof camera; GoPro, a subscription service that includes full access to the Quik app, cloud storage supporting source video and photo quality, camera replacement, and damage protection; Quik subscription provides access to editing tools, which allows users to edit photos, videos, and create cinematic stories; and Quik app, a mobile app that enable users to get their favorite photos and videos with footage from any phone or camera. It also offers mounts and accessories comprising equipment-based mounts consisting of helmet, handlebar, roll bar, and tripod mounts that enable consumers to wear the mount on their bodies, such as wrist housings, magnetic swivel clips, chest harnesses, and head straps; media, display, and light mods; spare batteries, dive filters, and charging accessories and cables; and lifestyle gears. In addition, the company provides mobile and web applications that provides media workflow for archiving, editing, multi-clip story creation, and sharing content on the fly. GoPro, Inc. markets and sells its products through retailers and distributors, as well as through its GoPro.com website. The company was formerly known as Woodman Labs, Inc. and changed its name to GoPro, Inc. in February 2014. GoPro, Inc. was founded in 2002 and is headquartered in San Mateo, California.

History

The company was founded by Nick Woodman in 2002. He was motivated by a 2002 surfing trip to Australia in which he was hoping to capture high quality action photos, but could not because amateur photographers could not get close enough or buy appropriate quality equipment at reasonable prices. The 'GoPro' name came about as Woodman and his surfing friends all aspired to become professional surfers as 'going pro' was the ultimate goal and the only way to be filmed on the water at that time.

The camera range was branded 'Hero' as their aim was to capture close-up action shots that made the subject look like a hero.Woodman raised a portion of his initial capital by selling bead and shell belts for under US$20 from his VW van and, later, fashionable camera straps. He also received over $230,000 from his parents to invest in the business.In 2004, the company sold its first camera system, which used 35 mm film. Digital still and video cameras were later introduced. As of 2014, a fixed-lens HD video camera with a wide 170-degree lens was available; two or more can be paired to create 360 video.On June 4, 2014, the company announced the appointment of former Microsoft executive Tony Bates as president reporting directly to Woodman.In January 2016, GoPro partnered with Periscope for live streaming.After growing the number of employees by more than 500 in 2015, the company responded to weak sales in the fourth quarter by cutting about 7% of its workforce in January 2016.In November 2016, the company announced it was laying off an additional 200 employees in an effort to reduce costs. The company also announced that President Tony Bates would be stepping down at the end of 2016. 270 more employees were laid off in March 2017, and 250 additional layoffs followed in January 2018, bringing the company's workforce to "just under 1,000".At its peak, a share of GoPro was valued at $86, but on March 26, 2018, only $4.81.Because of the COVID-19 pandemic in 2020, GoPro laid off more than 20 percent of its workforce - over 200 employees.

Corporate actions

On March 30, 2011, GoPro acquired CineForm. The acquisition included the CineForm 444 video codec used in the film Slumdog Millionaire. The company claimed that the codec "makes HD and 3D editing faster and more convenient without sacrificing image quality". It was incorporated in the company's 3D Hero System shortly after the acquisition.In March 2013, GoPro issued a DMCA takedown notice to website DigitalRev.com, which had posted a review of its product, citing trademark use as a breach of copyright. This notice was retracted 10 days later, citing "erroneous enforcement".On April 28, 2015, GoPro acquired Kolor, a spherical media and virtual reality startup based in Chambéry, France. Kolor were developers of Autopano, Autopano Video and Panotour. After September 14, 2018, Kolor products will no longer be for sale and Kolor products would no longer receive updates.On February 29, 2016, GoPro spent $105 million and acquired two start-ups—Stupeflix and Vemory—for their video editing tools Replay and Splice.In March 2020, GoPro acquired stabilization software company, ReelSteady.

IPO

On February 7, 2014, GoPro submitted a confidential filing for an initial public offering with the Securities and Exchange Commission .On May 19, 2014, GoPro filed its Form S-1 with the SEC without specifying the number of shares or their price. The company stated that they hoped to raise at least $100 million through the sale of shares, using the money to pay off debt in full and "to acquire or invest in complementary businesses, technologies or assets". They said that they planned to list on the NASDAQ stock exchange using the symbol 'GPRO.'The expected price range was $21 to $24 a share; on June 25, 2014, GoPro sold 17.8 million shares to initial investors at $24 per share . At the IPO price the company was valued at $2.95 billion.One reason for GoPro's decision to go public was the potential to become a media company to generate additional revenue from the content its cameras create.


Mission
GoPro is transforming the way people capture and share their lives. What began as an idea to help athletes self-document themselves engaged in their sport has become a widely adopted solution for people to capture themselves engaged in their interests whatever they may be. From extreme to mainstream, professional to consumer, GoPro enables the world to capture and share its passion. And in turn, the world has helped GoPro become one of the most exciting and aspirational companies of our time.

Vision
We dream. We have passionate ideas about what s possible in this world. Our passions lead us to create experiences and realities that expand our world and inspire those around us.

Key Team

Mr. Dean Jahnke (Sr. VP of Global Sales & Channel Marketing)

Mr. Charles Lafrades (Chief Accounting Officer)

Ms. Jalene A. Hoover CPA (VP of Investor Relations)

Mr. Christopher Clark (VP of Corp. Communications)

Mr. Rick Loughery (VP of Global Marketing & Communications)

Mr. Tim Betry (VP of People & Places)

Mr. Kevin Hinge (Sr. VP & Chief Supply Chain Officer)


Recognition and Awards
GoPro was awarded Time Magazine’s Invention of the Year in 2006, Popular Science Magazine’s Best of What’s New in 2007, and Entrepreneur Magazine’s Entrepreneur of the Year in 2008.

References
GoPro
Leadership team

Mr. Nicholas D. Woodman (Founder, CEO & Chairman)

Mr. Brian T. McGee (Exec. VP, CFO & COO)

Ms. Eve T. Saltman (Sr. VP of Corp. & Bus. Devel., CLO, Chief Compliance Officer and Sec.)

Products/ Services
3D Technology, Consumer Electronics, Hardware, Photography, Software, Video, Wearables
Number of Employees
500 - 1000
Headquarters
San Mateo, California, United States
Established
2002
Company Registration
SEC CIK number: 0001500435
Net Income
20M - 100M
Revenue
Above - 1B
Traded as
GPRO
Social Media
Sun Mar 03 2024
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