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Investors click sell on Go-Pro after results

Shares in Go-Pro, the digital action camera maker, sank over 12% in pre-market.....

 Investors click sell on Go-Pro after results
GoPro shares sank in pre-market....

Shares in Go-Pro (NASDAQ:GPRO), the digital action camera maker, sank over 12% in pre-market trading in New York as latest quarterly earnings disappointed as it swung to a loss.

Net loss for the three months was US$34.5mln compared to a profit of US$122.3mln, in the same period of 2014.

For the  year net income was down almost 73% at US$36mln compared to US$128mln the previous year.

GoPro founder and chief executive Nicholas Woodman noted that fourth quarter revenue was the second highest revenue quarter in the company’s history.

"However, growth slowed in the second half of the year and we recognize the need to develop software solutions that make it easier for our customers to offload, access and edit their GoPro content.”

In addition, the firm said revenue for the current quarter would come in well below expectations.

The company has faced competition from China, where rivals have been making cheaper cameras.

The firm also said Brian McGee is set to take over as chief financial officer from Jack Lazar from next month and that it would cut production of some of its action cameras.

GoPro's new action cameras will now only include the Hero4 Black, the Hero4 Silver and the Hero4 Session.

In December last year,  the group re-priced its Hero4 cameras, which dented the firm's overall sales.

Last month, shares of GoPro plunged after it told the market revenue would come in below expectations.

In the year-to-date, the company's shares have lost 40.5%.

Shares in New York are down 12.7% at US$9.35 at the time of writing.

Quick facts: GoPro Inc

Price: 6.825 USD

Market: NASDAQ
Market Cap: $1.08 billion

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