GoPro third quarter revenue drops, cuts full-year forecast

Don't want to miss the best from Business Standard?

(Reuters) - GoPro Inc reported a near 40 percent fall in third-quarter revenue and cut its full-year revenue forecast, hurt by dwindling demand for its body-mounted point-of-view cameras.

The company, whose cameras are worn by surfers, skydivers and other action junkies, said revenue fell to $240.6 million in the quarter from $400.3 million a year earlier, declining for the fourth straight quarter.

GoPro also lowered its revenue forecast for the year ending December to $1.25 billion and $1.3 billion from $1.35 billion and $1.5 billion.

The company in mid-September launched a new camera model, the Hero5, as well as its first consumer drone, the Karma, with investors focussed on their reception among consumers over the upcoming U.S. holiday shopping season.

GoPro's shares closed down 7 percent in regular trading, with investors spooked by fellow consumer gadget maker Fitbit Inc' dismal revenue forecast on Wednesday.

Trading in the stock was halted after the bell.

(Reporting by Laharee Chatterjee in Bengaluru; Editing by Savio D'Souza)