GoPro Plunges on Bleak Holiday Forecast, Production Issues
- Company’s shares tumble as much as 21% in early trading
- Camera maker mirrors Fitbit in projecting poor holiday season
GoPro Lowers Forecasts and Misses Estimates
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GoPro Inc. followed Fitbit Inc. in saying it expects a lousy holiday season, leaving investors wondering whether creators of consumer fads like action cameras and fitness trackers can mature into lasting companies.
GoPro, known for its cube-shaped cameras, lowered its forecast for full-year sales and missed analysts’ estimates for revenue in the third quarter. The shares fell 16.5 percent to $9.96 at 9:34 a.m. Friday after the results the night before, echoing Fitbit, a maker of wearable gadgets, which lost a third of its value after reducing its holiday forecast late Wednesday.