GoPro Is Getting Crushed on the Stock Market

GoPro is getting slammed on the stock market. After reporting a large 1st quarter loss, the action cam maker is getting gut punched and karate chopped by investors on the street. After reaching a high of more than $90 per share last summer, GoPro has since dropped like a rock and is now hovering near $10, far below their IPO price of $23 per share. As reported by the Wall Street Journal:

The loss was $107.5 million, or 78 cents a share, down from a profit of 11 cents a share, or $16.8 million, a year earlier and wider than the loss of 72 cents a share expected by analysts. The company posted an operating loss of $121.4 million, compared with an operating profit of $22.3 million a year earlier.

Revenue declined steeply, falling 49% to $183.5 million from $363.1 million a year ago. Still, the drop wasn’t as bad as analysts had expected.

“We are feeling very good about lessons learned from last year,” GoPro Chief Executive Nick Woodman said. “We are seeing the benefits of our simplified product lineup today.”

GoPro recently laid off 7% of its workforce at its San Francisco HQ and also delayed the launch of its new drone product, Karma.

“As late as this week. we believed Karma’s launch was on schedule,” told Nick Woodman WSJ, which was originally scheduled for June, but GoPro is now targeting December.

With increased competition from the likes of Sony’s Action Cam and others, GoPro needs to figure out where they’re going or it’s going to be goodbye, so long, and see you later to this golden goose of a product.