GoPro is tanking after fourth quarter earnings miss

Shares of GoPro are down 12.94% at $9.55 a share on Friday morning after the company missed on revenue and issued disappointing guidance on Thursday after market close.

Revenue during the holiday quarter slid 5.7% versus a year ago to $540.6 million, well shy of the $574.5 million that analysts were expecting. Additionally, GoPro says it sees first quarter revenue of $190 million to $210 million versus the Wall Street estimate of $267.6 million.

“In 2016, big investments in hardware, cloud, and mobile yielded a solid foundational experience for our customers,” Nicholas Woodman, GoPro’s founder and CEO said in the earnings release. “In 2017, we will build on this foundation for our customers while improving efficiency and managing cost to achieve profitability.”

Shares of GoPro have fallen about 89% from their peak and the company announced on November 30 that it was laying off 15% of its workforce
and shutting down its entertainment division.

Visit Markets Insider for constantly updated market quotes for individual stocks, ETFs, indices, commodities and currencies traded around the world. Go Now!

NOW WATCH: Here’s how to use one of the many apps to buy and trade bitcoin

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.