The Raspberry Pi (LON: RPI) share price rose on Wednesday, opening at 490p, up from Tuesday’s close of 470.8p, as the company expressed confidence in its long-term growth prospects despite reporting a decline in revenue and profit.
The UK-based computing company posted 2024 revenue of $259.5 million, down 2% year-on-year, while profit before tax fell 57% to $16.3 million.
The decline was attributed to an industry-wide inventory correction following an exceptionally strong 2023.
However, CEO Eben Upton said the company remained optimistic about future growth.
“Medium-term fundamentals remain positive, driven by a number of promising direct discussions with major prospective OEM customers, which we expect to make an increasing contribution in 2026 and beyond,” he stated.
Despite the challenging backdrop, Raspberry Pi launched 22 new products in 2024, including the Raspberry Pi 5, AI hardware products, and a next-generation microcontroller.
The company also secured a strategic partnership with SECO S.p.A., an Italian IoT solutions provider.Following its June 2024 IPO, Raspberry Pi was included in the FTSE 250.
Looking ahead, the company acknowledged the current macro and geopolitical uncertainties but said it expects steady demand growth and improved gross profit per unit in 2025, with an increasing contribution from industrial OEM customers in the coming years.
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