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 manufacturer GoPro is cutting around 100 jobs after its initial 2015 sales forecast fell short of its expectations ; revenue forecast was $ 435 m , instead of the $ 550 m to $ 550 m it forecast in October . GoPro has dropped 10 % in the past 12 months . 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 premium Session camera . The firm has also been plagued by stiff competition from cheaper devices from Chinese rivals , such as Xiaomi .