By Staff The Associated Press Posted January 14, 2016 8:10 am -A A+ NEW YORK – Wearable camera maker GoPro says it will eliminate about 100 jobs after its fourth-quarter sales fell far short of its expectations. GoPro says fourth-quarter revenue was $435 million instead of the $500 million to $550 million it forecast in October. The company lowered the price of its new Hero4 Session camera after saying it made the product too expensive. That reduced its fourth-quarter revenue by $21 million. The San Mateo, California, company had around 1,500 employees at the end of 2015 after hiring more than 500 people that year. It is cutting 7 per cent of its jobs, or around 100 positions. GoPro Inc. has dropped 71 per cent in the past 12 months and finished at $14.61 Wednesday. The stock fell 28 per cent in aftermarket trading. Story continues below advertisement © 2016 The Canadian Press
Wearable camera maker GoPro is cutting around 100 jobs after its Q4 2015 sales forecast fell short of its expectations; revenue forecast was $435m, instead of the $500m to $550m it forecast in the past 12 months. GoPro has dropped 71% in October. Disappointing sales of its action cameras over the holiday season were a major factor behind the lower forecast, as well as the decision to cut the price of its Hero4 Session camera. The firm has also been hit by stiff competition from cheaper devices from Chinese rivals, such as Xiaomi.