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Jan. 13, 2016, 4:44 p.m. EST

GoPro plummets more than 20% on weak holiday sales, layoffs

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By Jeremy C. Owens


GoPro Inc. /zigman2/quotes/209165587/composite GPRO -2.68% warned investors that holiday sales were disappointing Wednesday and announced that it would cut its workforce by 7%, and shares dove more than 20% in late trading. The action-camera company said that it expects fourth-quarter revenue to be about $435 million, well below analysts' average expectations of $521 million, according to FactSet, and GoPro's guidance of $500 million to $550 million. While noting that its workforce had grown by 50% annually in the past two years to a total of 1,500 at the end of 2015, GoPro said it would lay off 7% of its workers, incurring a charge of $5 million to $10 million. GoPro stock has suffered a freefall after a booming initial public offering and early performance, declining 72% in the past six months. GoPro shares plunged more than 20% in late trading Wednesday after being halted, falling lower than $11 after closing at $14.61, a penny higher than its all-time closing low. The company expects to release full financial results for the fourth quarter and year on Feb. 3.

Read the full story:
Netflix, GoPro highlight tech sector bloodbath

US : U.S.: Nasdaq
$ 5.81
-0.16 -2.68%
Volume: 1.67M
June 28, 2022 4:00p
P/E Ratio
Dividend Yield
Market Cap
$954.68 million
Rev. per Employee

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