GoPro shares go south after a bad quarter

The once pioneering firm faces a battle to remain relevant...

GoPro shares go south after a bad quarter

GoPro / YouTube

GoPro shares sank by 20% yesterday after the camera firm booked disappointing results.

The US firm reported a third-quarter loss of 60 cents a share. It pulled in revenue of $241m - that's a decline of almost 40%.

The company has been forced to cut its sales forecast for its fourth quarter, which includes the crucial holiday period - they are expected to range between $600m and $650m.

GoPro were pioneers in the market for durable, wide-lens, high definition cameras, but sales have lagged since 2014.

The launch of its Karma Drone - the brand's first major release outside of its core camera range - hasn't gone smoothly and has already been delayed by six months.

While drones and GoPros have been a natural mix and created a new sub-genre of aerial photography, the company will need to compete with established players in the increasingly crowded drone field.

The device's stabiliser can be used both on the drone and on its own to operate like a mini steady-cam arm grip.

It comes with a pretty hefty price tag - the drone unit without a camera start at $799 - the company needs this product to take off with Christmas shoppers.

GoPro is now a seamless storytelling experience and we're very happy with customer reception so far," said Nicholas Woodman, GoPro's Founder and CEO.

"Looking forward to 2017, we expect to return to profitability, driven by the strength of our new products, double digit revenue growth and annual operating expenses of approximately $650 million."