GoPro has just released its fourth-quarter earnings. The camera maker reported a loss of US $ 373 million for 2016.
The company achieved revenues of US $ 540 million in the fourth quarter - the second best ever recorded GoPro, and approximately US $ 100 million better than the holiday season of 2015. However, the figure was still around US $ 30 million below the forecast of the industry.
Several rounds of layoffs, the closure of the department, and cost US $ 102 million to the allowance for deferred tax assets pushed the company huge losses. GoPro shares fell about 15 percent in after hours trading following the release.
GoPro warned investors early last year that 2016 would be a year of heavy financially. However, GoPro is not even able to meet earnings forecasts bleak.
Thursday, February 2, 2017 announcement shows that GoPro posted revenues of US $ 1.185 billion in 2016, nearly US $ 200 million below projections of the company last February. The figure was also a substantial decline from revenues of US $ 1.6 billion in 2015.
Financial problems will become worse if there were no Black and Hero Hero 5 5 Session. Announced in September and released in October, featured camera that became the best-selling digital camera's number one and number two in the US, according to NPD report cited by GoPro.
CEO Nick Woodman said at a meeting with investors that the company sold over 2 million cameras in the fourth quarter, and he added that the range of cameras Hero 6 will come in 2017.
The earnings report did not mention about Karma, drone malignant GoPro withdrawn after the 2,500 units sold fell while flying experience. GoPro launches drone Karma back in the lineup on Monday, after taking three months to redesign the battery latch was broken that caused the previous failures.