GoPro shares slide after disappointing revenue estimate
GoPro Inc estimated fourth-quarter revenue below market expectations due to disappointing sales of its action cameras, and said it would cut 7 percent of its workforce, sending its shares into freefall. GoPro shares plunged 28 percent to $10.50 in extended trading, or less than half its 2014 IPO price of $24. The San Mateo, California-based company said it expects revenue of about $435 million for the fourth quarter, well below analysts' average estimate of $511.9 million, according to Thomson Reuters I/B/E/S. The company, which had about 1,500 employees at the end of 2015, said quarterly revenue was also hit by a price cut meant to boost demand for its Hero4 Session cameras.