The fourth quarter of 2023 was another weak quarter for GoPro (GPRO -2.00%), and shares took it on the chin when results were released. The stock dropped as much as 15.5% this week and, according to data provided by S&P Global Market Intelligence, shares were down 13.2% just 30 minutes before the week's trading ended on Wall Street.

Disappointing where it matters most

Revenue fell 8% in the quarter to $295 million, despite subscription revenue rising 13% to $25 million. But GoPro reported a $2.4 million loss, or $0.02 per share, in what should be the most important quarter of the year due to the holiday season.

Despite falling revenue and GoPro struggling with stagnant margins, operating revenue rose from $102.6 million a year ago to $110.5 million. And the average sale price of a camera fell 13% to $330, so it doesn't seem like there's much pricing power either.

Where does GoPro go from here?

The niche GoPro operates in should be big enough for the company to make a profit, but it doesn't seem capable of operating efficiently enough to make money. And after years of struggle, it's not clear where GoPro goes from here.

I think an acquisition would make sense for a company looking to acquire the brand and add editing or cloud services, but that hasn't materialized. Until something big happens, shares are stuck in neutral, and investors will likely need to wait until the 2024 lineup of products come out to see if there's any hope for GoPro's shares.