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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.

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(Reuters) – Apple Inc sold the most number of smartphones globally in the fourth quarter, overtaking Samsung Electronics Co Ltd for the first time since 2011, according to research firm Gartner. Apple sold 74,832 smartphones to end users worldwide, ahead of the 73,032 phones sold by Samsung, according to Gartner's report. The success of big-screen iPhone 6 and 6 Plus drove Apple's sales in its first quarter ended Dec. 27.