Demand For GoPro’s Is Slipping And So Is Its Stock

GoPro Camera Demand Slipping

GoPro failed to meet analysts expectations in the last quarter ending September 30, reporting lower demand for its wearable cameras.

Shares slumped 14 percent to $26.05 per share in extended trading on Wednesday.

Revenue from its Americas market fell 7% to $190.8 million. Internationally the company’s market nearly tripled to $209.8 million.

GoPro’s helmet- and body-mounted cameras are popular with surfers, skydivers and other extreme sports participants. However, new competitors are taking part of its market, as is better camera’s on the iPhone 6 range of smartphones.

Net income rose to $18.8 million, or 13 cents per share, in the third quarter ended Sept 30.

Revenue rose 43% to $400.3 million.

Excluding one-time items, it earned 25 cents per share.

Analysts on average had expected the company to earn a profit of 29 cents per share on revenue of $433.6 million.