This article is not very satisfying to read, because it doesn't explore the reasons why GoPro is on the ropes.

From the financials, it's a little of both?

Memory is the acute issue causing their struggles; their most recent quarter saw a gross margin of 4.5% (that's revenue minus the direct cost of producing the cameras, divided by the revenue). That's a hefty fall from their previous margin of ~31%. This contributed to their operating loss of $57M in the last 3 months.

Thag being said, they haven't had a positive quarterly operating income since the last quarter of 2022, even when the margin was higher than 4.5%. So it's not like they were succeeding before the memory crunch, just losing money slower.

Adventure cams lose a market when people can’t afford to go on adventures?