GoPro goes through tough times as camera sales slow
The US manufacturer increased revenue 43 percent up to $400.3 million from July through September, but still fell short of predictions of at least $ 433.6 million. Total third-quarter profit stands at $18.8 million. Company shares are down 65 percent from this year’s peak.
“Business in the third quarter was clearly more difficult than anticipated,” CEO Nicholas Woodman said in a statement.
GoPro, is synonymous with helmet-mounted extreme sport cameras, is taking a beating from smartphones, which are quickly catching up in terms of picture quality.
Demand from its traditional clientele has been falling. The company recently had to cut $100 off the prices of its new HERO4 range, as demand was lower than expected just two months after the July launch.