Market Overview

GoPro Turns To Selling Outdoor Gear As Coronavirus Impacts Business

GoPro Turns To Selling Outdoor Gear As Coronavirus Impacts Business

Digital action camera firm GoPro, Inc. (NASDAQ: GPRO) launched a line of outdoor gear, bearing the company’s branding, worldwide on Tuesday.

What Happened: The new gear features products such as bags, apparel, and water bottles, which the company's CEO Nicholas Woodman described as attractively priced. The subscribers of the company’s GoPro Plus service can claim a 30% discount on the newly announced gear.

GoPro said it would also host a virtual charitable event it is called "#GoProLiveIt," between Friday and Sunday. 

Why It Matters: The adventure camera maker has been bearing the brunt of the pandemic and laid off more than 200 employees in April.

The company then announced a direct sale strategy for its cameras and pledged a reduction in non-headcount related operating expenses by $250 million in 2021.

GoPro’s CFO Brian McGee said at the time that a direct-to-customer-centric approach is “better aligned with the current business climate.” 

In the past, the company has launched products such as flashlights and currently sells four models of its cameras, two of which were launched in 2019, TechCrunch reported.

The launch of the gear could be an attempt to stay relevant among sagging sales, and the launch of the branded merchandise is an examplar of the so-called GoPro lifestyle, according to TechCrunch.

GoPro's shares have traded below the $10 mark since 2017.

Price Action: The company's shares closed nearly 3% lower at $5.13 on Tuesday, and traded 0.4% higher in the after-hours session.


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Posted-In: Coronavirus Covid-19 Nicholas Woodman techcrunchNews Events Global Media Best of Benzinga

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