SAN MATEO, Calif. - GoPro, Inc. (NASDAQ: GPRO) has secured the title sponsorship for the MotoGP Gran Premio GoPro de Aragon, scheduled for August 31 - September 1, 2024, at the MotorLand racetrack in Alcañiz, Spain. This move reinforces the company's existing partnership with MotoGP, where GoPro is already the official action camera of the premier motorcycle racing series.
The sponsorship will allow fans attending the event and those watching the broadcast to experience new high-resolution content, including an onboard lap preview of the Aragon circuit captured with GoPro's HERO12 Black camera. The 2024 MotoGP season, which is currently underway and will run through November 17, 2024, marks the 75th anniversary of the sport.
GoPro's global marketing and communications vice president, Rick Loughery, expressed excitement about the company's involvement with MotoGP, highlighting plans to engage with fans and enhance their viewing experience through unique on-board point-of-view (POV) footage and interactive trackside activities.
The partnership between GoPro and MotoGP extends beyond the Aragon race, with the action camera brand's presence visible trackside throughout the entire season. The collaboration aims to bring fans closer to the action and is expected to leverage MotoGP's substantial digital reach, which includes a digital audience of over 140 million and nearly half a billion homes via global television coverage.
GoPro's recent acquisition of Forcite Helmet Systems, a company specializing in integrating technology into helmets, signals the action camera brand's commitment to enhancing safety and performance in motorsports. The company plans to incorporate this technology into various helmet types, starting with motorcycle helmets.
This announcement is based on a press release statement from GoPro, Inc.
InvestingPro Insights
As GoPro, Inc. (NASDAQ: GPRO) accelerates its brand's visibility in the motorsports arena through strategic partnerships like the MotoGP sponsorship, it's important to consider the company's financial health and market performance. The latest data from InvestingPro shows a mixed picture for the action camera innovator.
InvestingPro Data reveals that GoPro has a market capitalization of $322.28 million USD, which is a critical indicator of the company's size and market value. Despite facing challenges, as indicated by a negative Price to Earnings (P/E) ratio of -6.20 and an adjusted P/E ratio for the last twelve months as of Q4 2023 at -5.92, GoPro still maintains a notable revenue of $1005.46 million USD for the same period. The company's gross profit margin stands at a solid 32.17%, showcasing its ability to retain a significant portion of sales revenue after accounting for the cost of goods sold.
InvestingPro Tips suggest that potential investors should keep an eye on GoPro's revenue growth trends and cost management strategies. The company's revenue has seen a decline of -8.05% over the last twelve months as of Q4 2023. Additionally, GoPro's stock price has been under pressure, with a year-to-date price total return of -38.04%, which is something for investors to consider when evaluating the stock's potential for rebound or further decline.
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