(credit: C3FT.com)
GoPro has been the king of action cams for the past few years, but it seems like its reign could be faltering. In a statement released today, GoPro says it will cut about seven percent of its global workforce as it plans to "better align resources to key growth initiatives."
In the same statement, the company disclosed its Q4 2015 earnings, which are lukewarm at best. GoPro expects its revenue to be $435 million for the fourth quarter and about $1.6 billion for the 2015 calendar year. The fourth quarter earnings are down nearly $200 million from 2014's Q4 revenue projection of $633.9 million.
It's noticeably different from 2014, when GoPro's CEO cited selling "1,000 units per hour" for the entire fourth quarter. This time around, however, the company appears to have overestimated how many of its action cams would fly off the shelves around the holiday season. "Fourth quarter revenue reflects lower than anticipated sales of its capture devices due to slower than expected sell through at retailers, particularly in the first half of the quarter."
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