GoPro Chief Executive Nicholas Woodman announced today that his company would be cutting seven percent of its workforce. Shares were down twenty eight percent in extended trading.
GoPro Inc said it was cutting 7 percent of its workforce and estimated revenue for the holiday quarter below estimates as it sold fewer action cameras than expected, sending its shares plunging 28 percent in extended trading. GoPro said it expects revenue to be about $435 million for the fourth quarter, well below analysts' average estimate of $511.9 million, according to Thomson Reuters I/B/E/S.
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