GoPro responded to its latest financial report with the announcement of new products that it plans to release this year.
First, the company confirmed that it is discontinuing its entry-level Hero line. GoPro took a bad hit after posting its latest financial results, but says it will continue focusing on the Hero4 Silver, Hero 4 Session and Hero4 Black.
Nick Woodman, GoPro CEO, further confirms the upcoming release of the Hero5, which is touted as the most "connected and convenient" camera GoPro has ever made. The said camera is expected to arrive later this year.
Woodman also announced the company's plans to develop software solutions in order to allow customers to manage their GoPro content a whole lot easier.
"In 2015, we recorded 16 percent year-over-year revenue growth and the fourth quarter represented the second highest revenue quarter in the company's history," said Woodman. "However, growth slowed in the second half of the year and we recognize the need to develop software solutions that make it easier for our customers to offload, access and edit their GoPro content."
GoPro's international sales reached more than 50 percent of the revenue earned for the whole 2015. Its revenue within Europe and Asia combined reached more than 49 percent year-over-year.
Based on the data released by market research company NPD Group, GoPro's fourth quarter unit share of its digital camera/camcorder increased 180 basis points year-over-year to 21.3 percent. Out of the top 10 digital camera/camcorders, GoPro occupied at least 6 ranking positions, including the No. 1 spot. Moreover, GoPro's accessory unit sales are also performing well, with 6 of its products belonging to the top 10, including the top spot.
Other plans include the release of a new video editing feature that will cater to GoPro users who are keen on creating really impressive videos in minutes.
Some executive changes are also in tow. Brian McGee, a 30-year finance veteran, will be the new CFO, replacing Jack Lazar. McGee will take over the position beginning March 11.
"Jack has been a great leader who helped GoPro navigate the path to becoming a publicly-traded company," said Woodman. "While he will be missed, we are also grateful to have Brian and a strong bench of leaders running Finance at GoPro."
GoPro is participating in two investor conferences scheduled on Feb. 10 and March 2. Users can also visit GoPro's website to access the recording of the conference call held on Feb. 3, when the management discussed the company's financial results.
