Investors in action camera maker GoPro, can’t catch a break. The stock is trading down 3% at $US8.68 a share, giving back all of Tuesday’s gains, which came after the company announced its first ever “trade up” program that allows consumers to get the newest GoPro models at a discount when they trade in their outdated cameras.
GoPro shares have been trending lower ever since hitting their post-IPO high of $US86.97, on October 3, 2014. Since then, shares of GoPro have lost 90% of their value.
GoPro has struggled to compete with the improving quality of camera phones, which have been putting pressure on traditional and action camera sales.
Back in March, GoPro cut 270 jobs and CEO Nick Woodman acknowledged that he has “failed to make GoPro contemporary.”
GoPro shares are just barely off of their all-time low of $US7.16, reached on March 25.