(Reuters) – GoPro reported a lower-than-expected rise in quarterly revenue, hurt by lower demand for its wearable cameras in the Americas.
The company’s shares (GPRO) slumped 14% to $26.05 per share in extended trading on Wednesday.
Revenue from its Americas market fell 7% to $190.8 million. However, revenue from its international market nearly tripled to $209.8 million.
GoPro’s helmet- and body-mounted cameras are popular with surfers, skydivers and other adventure sports enthusiasts.
However, the recent advancement in video-shooting capabilities of smartphones, such as Apple Inc’s iPhone 6 range, is eroding GoPro’s consumer base.
Net income rose to $18.8 million, or 13 cents per share, in the third quarter ended Sept 30 from net income of $14.6 million, or 10 cents per share, a year earlier.
Revenue rose 43% to $400.3 million.
Excluding one-time items, it earned 25 cents per share.
Analysts on average had expected the company to earn a profit of 29 cents per share on revenue of $433.6 million, according to Thomson Reuters I/B/E/S.
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