GoPro Sinks Following Earnings Report

 

GoPro, maker of action cameras and drones, saw its shares sink after reporting fourth quarter earnings.

Revenues for the fourth quarter of 2016 were $540.6 million, up 23.8% from a year ago. Revenues for all of 2016, however, dropped 26.8% to $1.62 billion.

The company reported a net loss of $115.7 million in the fourth quarter and a loss of $419 million for all of 2016. GoPro had earned a profit of $36.1 million in 2015.

GoPro cut 15% of its workforce or at least 200 workers last November. The company was hurt by a recall of its Karma drone in 2016 but the company says problems are fixed and will begin sales again this month.