TradeUp rewards with credit of up to $100
Last month, GoPro (GPRO) launched an expanded camera trade-in program called TradeUp. Through the TradeUp program, people can trade in their old cameras toward the purchase of the latest GoPro cameras.
GoPro accepts old cameras of any brand as long as they meet certain minimal requirements in exchange for credit of up to $100 toward the purchase of new Hero6 or Fusion cameras. GoPro tried the trade-in program on a limited basis last year.
Encouraging customers to upgrade
When people hold on to their old cameras for a long time, they may not feel the need to upgrade when a new camera comes out. Consumers who use the same camera for years can limit GoPro’s opportunity to sell new camera products to existing customers.
By encouraging consumers to upgrade their cameras, GoPro could help dispose of old cameras responsibly, which could boost its stance as an environmentally responsible company.
Revenues fell more than 7%
GoPro’s revenues fell 7.4% year-over-year to $202.0 million in the first quarter. However, the company was able to narrow its losses by 30.0% to $76.3 million, or $0.34 per share, after adjusting for one-time items.