The once wildly-successful GoPro has fallen upon hard times, as its revenue dropped nearly 40 percent in Q3 and saw its stock fall more than 20%, reports Yahoo Business.
The company’s stock tanks, following news of its revenue decline and news that it has lost a full-year of revenue expectation.
GoPro CEO Nick Woodman blames the revenue slip on production issues with new GoPro Hero5 camera and GoPro Karma drone. This, coupled with the lack of Hero4 cameras available on the market, hurt the company’s revenue in the second half of the year including the upcoming Q4.
Furthermore, issues with the Hero5 Black, which GoPro expected to be its best-seller, also hurt revenues.
There’s also increased competition on the market as well.
Despite the news, GoPro says that demand is still strong and the company will return to double-digit growth in 2017. Stay tuned…