Interest in GoPro gadgets cools to send shares off a cliff

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GoPro shares and sales are slumping as adrenaline junkies shun the firm’s body-mounted cameras.

The tech firm was formerly a stock-market darling as surfers, sky-divers and ice cleaners at hockey matches (above) snapped up its products.

Its latest quarterly figures suggest it is struggling, with sales of $241 million (£193 million), down 40% on a year ago.

The Nasdaq-listed shares have more than halved from $25 a year ago. They closed down 7% at $11.94 last night. GoPro is betting that two new camera products and a drone called Karma will revive its fortunes. It has seen sales decline in each of the past four quarters.

The US company has had production issues that have hampered sales.

GoPro shipped 1.02 million products in the quarter, less than the 1.11 million analysts were expecting. Chief executive Nick Woodman says the new products “can have a fundamental shift in the momentum and trajectory of GoPro”.

 

Source Article from http://www.standard.co.uk/business/interest-in-gopro-gadgets-cools-a3387586.html

November 5, 2016 |
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