GoPro sees FY24 revenue $1.1B-$1.2B, consensus $1.02B

The company states: “Our guidance reflects our excitement for the fourth quarter and 2023, and even more so for the future. Looking ahead to 2024, we expect to grow units to a range of 3.3 to 3.5 million, or more than 10% over 2023. That would put revenue in a range of $1.1 to $1.2 billion. We expect to end 2024 with approximately 25,000 doors, or growth of approximately 14%, year-over-year. We expect to improve gross margin of 32% in 2023 to 37% plus or minus 50bps in 2024 driven by the following factors, by approximately: 230bps from the introduction of a lower product cost entry level product in Q2 2024; 150bps from price protection incurred in 2023 for our strategic price move ; 80bps from identified product cost savings; 70bps from subscription and other improvements.”