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CNBC Exclusive: CNBC Transcript: GoPro Founder & CEO Nick Woodman Speaks with CNBC’s Josh Lipton on “Fast Money Halftime Report” Today

WHEN: Today, Tuesday, September 22nd

WHERE: CNBC's "Fast Money Halftime Report"

Following is the unofficial transcript of a CNBC EXCLUSIVE interview with GoPro Founder & CEO Nick Woodman on CNBC's "Fast Money Halftime Report" (M-F, 12PM-1PM ET) today. Following is a link to the interview on CNBC.com: http://video.cnbc.com/gallery/?video=3000423500.

All references must be sourced to CNBC.

SCOTT WAPNER: GOPRO SHARES HAVE BEEN CUT IN HALF THIS YEAR AS SOME QUESTION THE COMPANY'S GROWTH PROSPECTS AMID GROWING COMPETITON. THE STOCK GETTING ANOTHER BEATDOWN THIS WEEK, AND BARRON'S WHICH SAID IT COULD FALL EVEN FURTHER. NICK WOODMAN IS THE COMPANY'S FOUNDER AND CEO. HE IS LIVE AND EXCLUSIVE TODAY OUT IN SAN FRANCISCO WITH OUR VERY OWN JOSH LIPTON. JOSH.

JOSH LIPTON: THANK YOU, SCOTT. NICK, THANK YOU FOR JOINING US. LET ME ASK YOU A QUESTION. SO SCOTT JUST REFERENCED THAT BARRON'S ARTICLE. THEY CAME AFTER YOU PRETTY HARD. THEY SAID, LISTEN, GOPRO IS A ONE PRODUCT WONDER. COMPARED YOU TO PALM AND FLIP. SAID THE STOCK GOES TO 25. GIVE ME YOUR REACTION TO THAT CRITICISM, NICK. IS GOPRO A ONE PRODUCT WONDER?

NICK WOODMAN: NO. YOU KNOW, I'VE BEEN HEARING THAT FOR 13 YEARS SINCE I STARTED GOPRO, AND I THINK THAT, YOU KNOW, WE'VE DONE A TERRIFIC JOB OF GROWING AN ECOSYSTEM OF PRODUCTS THAT HELP THE WORLD CAPTURE AND SHARE ITSELF LIKE NEVER BEFORE FROM THE FIVE CAMERAS THAT WE'VE LAUNCHED IN THE LAST 11 MONTHS TO THE OVER 60 MOUNTS AND ACCESSORIES THAT WE MAKE TO HELP OUR CUSTOMERS CAPTURE THEIR LIVES FROM ANY PERSPECTIVE. AND THEN YOU HAVE THE ECOSYSTEM OF THIRD PARTY PRODUCT DEVELOPERS THAT HAVE SPRUNG UP INCLUDING APPLE WATCH THAT IS NOW A PART OF GOPRO'S ECOSYSTEM AND WE'RE A PART OF APPLE'S TO HELP MAKE IT EASIER FOR PEOPLE TO CAPTURE AND SHARE THEIR LIVES. AND NOW WE'RE ALSO GROWING INTO SOFTWARE. AND SO I THINK TO SAY WE'RE A ONE TRICK PONY IS SHORTSIGHTED. THEN, OF COURSE, THE CONTENT THAT THE WORLD LOVES AND HAS GROWN SO MUCH VALUE TO OUR BRAND IS ANOTHER PART OF OUR BUSINESS.

LIPTON: LET ME ASK YOU, SO YOU MENTIONED THE NEW CAMERAS YOU GUYS INTRODUCED. I KNOW ON THE STREET A LOT OF INTEREST ON HERO4 SESSION, THE NEW CAMERA. HOW IS THAT CAMERA PERFORMING? ARE SALES LIVING UP TO YOUR EXPECTATIONS THERE?

WOODMAN: YEAH, IT'S GOING REALLY WELL. I THINK THAT WHAT HAS THROWN PEOPLE OFF A LITTLE BIT IS THAT I THINK MAYBE THE MARKET IS EXPECTING IT TO BE GOPRO'S TOP SELLING CAMERA. AND WHAT YOU NEED TO REMEMBER IS THAT SESSION IS AN ENTIRELY NEW TYPE OF GOPRO, ENTIRELY NEW FORM FACTOR AND IT IS SELLING AGAINST THE INCUMBENTS, HERO4 SILVER AND HERO4 BLACK WHICH ARE TWO OF THE BEST-SELLING CAMERAS IN THE WORLD. AND SO TO THINK THAT SESSION IS GOING TO BE A BREAKAWAY GOPRO, TOP SELLER IS MAYBE, YOU KNOW, YOU HAVE TO REMEMBER WE ONLY CAME OUT WITH THIS PRODUCT TWO MONTHS AGO. SO IT'S GOING WELL AND SALES ARE IMPROVING AS WE MOVE TOWARDS THE HOLIDAY SEASON.

LIPTON: SO THEY ARE IMPROVING. DO YOU THINK ALSO THAT AS GOPRO, CAN YOU DO MORE TO MARKET THAT NEW CAMERA? I MEAN THERE ARE MORE THINGS TO MAKE THE USE CASE MORE APPEALING AND ATTRACTIVE TO CUSTOMERS?

WOODMAN: FOR SURE. OF COURSE. WE LAUNCHED THE PRODUCT IN JULY. OUT OF TYPICAL CYCLE. CLOSE TO FOURTH OF JULY, WHICH IS GENERALLY A QUIETER TIME FOR CONSUMERS. AND I THINK THAT AS WE MOVE TOWARDS THE HOLIDAY, YOU ARE GOING TO SEE MORE MESSAGING, MORE MARKETING FROM GOPRO, PROMOTING NOT ONLY SESSION BUT ALL OF OUR PRODUCTS.

LIPTON: SCOTT, I THINK YOU HAD A QUESTION FOR NICK.

WAPNER: I DO. NICK, WELCOME TO THE HALFTIME SHOW. GREAT TO HAVE YOU ON TODAY. I APPRECIATE THE DEFENSE OF YOUR COMPANY. I'M SURE IF I WAS IN YOUR SHOES I WOULD BE DOING THE SAME EXACT THING. BUT IF I'M AN INVESTOR IN GOPRO, WHY SHOULDN'T I BE WORRIED ABOUT APPLE OR XIAOMI OR SONY OR SOME OF THESE OTHER PLAYERS WHO ARE TRYING TO DO THE VERY THING THAT YOU DO IN AN ENVIRONMENT WHERE THE BAR OF ENTRY, SOME SAY, IS EXTRAORDINARILY LOW?

WOODMAN: I THINK THAT ONE OF THE EASIEST WAYS TO GET COMFORTABLE IS LOOK AT HOW WE PERFORMED OVER THE LAST FEW YEARS WITH COMPETITION. SONY HAS BEEN ATTEMPTING TO COMPETE WITH US FOR I THINK FOUR YEARS NOW. AND IF ANYTHING, WE THINK THAT SONY HAS HELPED GROW THE MARKET BECAUSE HAVING SOMEBODY ELSE DOING SOME ADVERTISING, SOME MARKETING TO DRIVE AWARENESS OF A GOPRO LIKE CAPTURE SOLUTION IN STORE IS HELPING DRIVE PUBLIC AWARENESS AND THAT WE ACTUALLY SEE WHEN SONY GOES ON AD, SAY AT BEST BUY, FOR EXAMPLE, WE SELL MORE PRODUCTS. BECAUSE SONY DRIVES MORE CUSTOMERS INTO THE STORE. BUT GOPRO BEING THE BRAND LEADER, WHEN THOSE CUSTOMERS COME INTO THE STORE AND THEY SEE OUR MERCHANDISING, THEY END UP BUYING GOPRO. SO HAVING COMPETITORS LIKE SONY HAS ACTUALLY HELPED US GROW TOTAL REACH. AND WE HAVEN'T SEEN OUR MARKET SHARE ERODE. WE HAVE ACTUALLY GROWN MARKET SHARE SINCE SONY HAS BEEN IN THE MARKET. AND THAT'S BEEN FOR ABOUT FOUR YEARS. I THINK THAT XIAOMI AND OTHER COMPETITORS, THEY HAVE NOT YET MADE ANY INROADS INTO GAINING MARKET SHARE FROM US. WE'RE DOING VERY WELL IN CHINA. JUST LAST QUARTER BECAME A TOP TEN MARKET FOR US. SO FROM A DEAD START TO THAT TYPE OF PERFORMANCE, WE'RE REALLY EXCITED ABOUT. AND IF YOU LOOKED AT THE PAST FEW YEARS, IT'S NOT JUST SONY WE'VE BEEN COMPETING WITH. THERE'S BEEN A GAGGLE OF COMPETITORS THAT HAVE TRIED TO MAKE INROADS AND ALL THE WHILE WE'VE JUST SEEN OUR BRAND AND OUR FINANCIAL PERFORMANCE GET STRONGER AND STRONGER.

WAPNER: I THINK AS A RESULT –

LIPTON: DID YOU HAVE ONE MORE QUESTION SCOTT?

WAPNER: I DO. I THINK AS A RESULT OF THESE KINDS OF QUESTIONS, SOME PEOPLE SPECULATE THAT YOUR BEST STRATEGY DOWN THE ROAD IS TO DO SOME KIND OF DEAL. I'M CURIOUS IF YOU HAD ANY CONVERSATIONS WITH ANYBODY AT APPLE OR ANY OTHER COMPANY FOR THAT MATTER ABOUT BEING ACQUIRED?

WOODMAN: WE HAVE LOTS OF CONVERSATIONS WITH THEM, BUT NOT ABOUT ACQUISITION. I THINK THAT IT MAKES FOR GREAT HEADLINES, YOU KNOW, THE TECH TITANS COMING TOGETHER AND GLOBAL FABULOUS BRANDS AND WHAT THEY COULD ACCOMPLISH. I'M SURE THERE'S A LOT THAT COULD BE DONE THERE. BUT, NO, WE'RE WORKING WITH APPLE ON OUR GOPRO APP FOR THE APPLE WATCH AND HOW WE CAN LEVERAGE OUR TWO ECOSYSTEMS TO BENEFIT EACH OTHER AND WITH GOOGLE WE'RE HAVING CONVERSATIONS WITH THEM ALL THE TIME ABOUT VIRTUAL REALITY AND HOW WE MOVE THAT FORWARD TOGETHER, SAME WITH FACEBOOK. SO WE'RE IN CONVERSATION WITH THESE COMPANIES ALL THE TIME, BUT IT'S MORE ABOUT HOW DO WE HELP EACH OTHER GROW OUR BUSINESSES AS PARTNERS, NOT THROUGH ACQUISITION.

LIPTON: LET ME ASK YOU, NICK, I KNOW THE STREET LOOKS AT AMBARELLA AS A TELL ON GOPRO. SO WHEN I WAS ON AMBARELLA'S CONFERENCE CALL AND THEY COME OUT AND THEY SAY LISTEN, OUR WEARABLE CAMERA BUSINESS IS GOING TO BE DOWN YEAR OVER YEAR. WHAT ANALYSTS AND INVESTORS THINK IS OK, WELL, GOPRO MUST NOT BE ORDERING AS MANY CHIPS FROM AMBARELLA. THE BACK HALF, THE HOLIDAYS ARE NOT GOING TO BE AS STRONG. THAT IS WHAT THE READ THROUGH WAS. IS THAT ACCURATE?

WOODMAN: THAT'S NOT ACCURATE. I THINK THAT WE DID A – I CAN'T COMMENT ON AMBARELLA'S BUSINESS, BUT IF YOU THINK ABOUT WHEN WE LAUNCHED SESSION AND WE DID OUR PRODUCTION BUILDS EARLIER IN THE YEAR, THAT'S OUT OF CYCLE WITH WHAT WE'VE TRADITIONALLY DONE FOR FOURTH QUARTER BUILDUPS AND NEW PRODUCT. IT DOESN'T NECESSARILY MEAN WE'RE DONE FOR THE FOURTH QUARTER AND WE DON'T HAVE NEW PRODUCTS, BUT IT'S VERY HARD TO GAUGE HOW ONE COMPANY'S PERFORMANCE RELATES TO ANOTHER COMPANY'S PERFORMANCE BECAUSE YOU JUST YOU NEVER HAVE ALL OF THE INFORMATION.

LIPTON: GOT IT. NICK WOODMAN, THANK YOU FOR YOUR TIME TODAY, SIR, WE APPRECIATE IT. SCOTT, BACK TO YOU.

WOODMAN: THANK YOU VERY MUCH.

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