GoPro is getting destroyed again.
Shares are down 9.6% on Tuesday. At about $US51 per share, GoPro is now down 46% from its fall 2014 high of $US98.47.
According to the blog Patently Apple, Apple was granted a patent for a GoPro-like camera system.
From the blog:
In this particular granted patent report we cover a single invention that relates to a camera system. What’s interesting here is that Apple’s invention that was filed in 2012 appears to now incorporate intellectual property from Kodak that they acquired back in November 2013. In one implementation, Apple’s invention could directly move into GoPro’s territory as the patent specifically mentions the weaknesses of the GoPro devices. Specifically, the patent notes that the new camera system could be secured to various objects, such as a bike helmet or scuba mask, or mounted to the handlebars of a motorcycle or the front of a surfboard…
That might have something to do with today’s selloff.
But for investors who got in when the company went public, the stock is still up 120% from its June 26, 2014, IPO. The stock IPO’d that day at $US24, and opened for trading at $US28.65.