GoPro’s shares tumbled 23% in after-hours trading Wednesday after the maker of action cameras pre-announced disappointing fourth quarter results and said that it would cut around 100 jobs, or 7% of its workforce.
The announcement follows the company’s high profile struggles in recent months to continue its earlier rapid growth. Its latest camera, the Hero 4 Session, has failed to catch on with consumers at a time when the market for action cameras, used by mountain bikers, surfers, and motorcyclists, is increasingly saturated.
GoPro said its fourth quarter revenue would be around $435 million, a decline of 47% when compared to the same quarter last year. It had previously forecast sales of $500 million to $550 million during the busy holiday season.
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Total revenue for 2015 will be around $1.6 billion, according to the company, up slightly from $1.4 billion in 2014.
GoPro halted trading of its shares for the surprise announcement, which came weeks before its expected Feb. 3 earnings release. The news spooked investors, who sent the company’s shares (gpro) down $3.36 to $11.25 in after hours trading.
Fifteen months ago, GoPro’s shares had traded for nearly $94.
The company had been forced to cut the price for the Hero 4 Session by $100 in the fourth quarter to help lift its sales after cutting it another $100 a few months earlier. The camera now sells for $199, or a 50% discount from its original $399 launch price.
GoPro now says it will take a $21 million charge for the price cuts along with another $30 million to $35 million charge for “excess purchase order commitments, excess inventory, and obsolete tooling,” according to a press release.
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Looking forward, the company expects to spend between $5 million and $10 in the first quarter of 2016 on severance costs for those let go by the company.