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.

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Production delays for the latest Hero8 Black cameras are cited as the reason.

TickerSecurityLastChangeChange %
GPROGOPRO INC4.16+0.12+2.97%

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.