Home / Insurance Tips / GoPro Inc shares dive as Q4 results disappoint, Hero4 camera fails to capture sales

GoPro Inc shares dive as Q4 results disappoint, Hero4 camera fails to capture sales

GoPro's sales took a hit after it had to twice lower the price on its latest model, the Hero4 Session.

GoPro Inc. swung to a loss in the fourth-quarter and forecast sales within the first quarter that were below analysts’ projections following a disappointing end to 2015 since it’s latest cube-shaped action camera failed to inspire sales at Christmas. The organization also said chief financial officer Jack Lazar is stepping down.

For the current quarter GoPro said it sees revenue of US$160 million to US$180 million. That compares with analysts’ average estimates of US$287.3 million.

The maker of wearable video cameras posted a loss of US8 cents a share, excluding certain costs, within the fourth quarter. Analysts typically were projecting a profit of US1 cent, based on data compiled by Bloomberg. Revenue was US$436.6 million, in contrast to the average estimate of US$434.9 million following the company announced preliminary results Jan. 13, and said hello would eliminate seven per cent of their workforce.

Shares in GoPro fell more than 9 percent to US$9.65 in extended trading around the Nasdaq. The shares rose 4.6 per cent Wednesday to US$10.71 in the close of exchanging New York, prior to the results were released.

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