It’s not only GoPro’s GPRO nifty new camera that goes underwater. Its shares late Wednesday dove 13% to under $26, an all-time low post IPO, and near its IPO price of $24, after the action camera maker released sales and estimates that fell far short of forecasts. “Our business in the third quarter was clearly more difficult than anticipated,” said GoPro Founder and CEO, Nicholas Woodman, in a statement.
The San Mateo, Calif. company reported sales of $400 million, up 43%, but short of forecasts for $433 million. Non-AAP earnings per share were 25 cents, double a year ago, but also four cents shy of forecasts.
Here’s a look at the damage: