GoPro shares plummet as sales to take hit on production delays
GoPro shares are trading lower in the premarket after plunging 20 percent in after-hours trading as the company lowered its financial targets for the back half of the year.
Production delays for the latest Hero8 Black cameras are cited as the reason.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| GPRO | GOPRO INC. | 1.91 | -0.01 | -0.52% |
The company had originally forecast revenue growth of 9 percent to 12 percent. That has been cut to 6 percent to 9 percent.
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GoPro cut its adjusted profit forecast to 33 cents to 39 cents a share from 37 cents to 49 cents a share.
Production issues for some of the company's prime products are not new.
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The maker of action cameras announced a slate of new products this week, including the Hero8 Black with a price tag of $399.