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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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By Anya George Tharakan and Julia Love BENGALURU/SAN FRANCISCO (Reuters) – Apple Inc forecast fourth-quarter revenue below estimates and missed some targets for iPhone sales, sending its shares down more than 6 percent in after-hours trading. Apple said on Tuesday it sold 47.5 million iPhones in the third quarter, up 35 percent from a year ago. The company forecast revenue of $49 billion to $51 billion, missing analysts' average estimate of $51.13 billion according to Thomson Reuters I/B/E/S. The world's largest publicly traded company by market value said it sold 47.5 million iPhones in the third quarter, up 35 percent from a year ago, but down 22 percent from 61.2 million in the second quarter.