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GoPro’s shares wipeout on slow sales

October 28, 2015, 8:46 PM UTC
GoPro Inc's founder and CEO Woodman holds a GoPro camera as he celebrates GoPro Inc's IPO at the Nasdaq Market Site in New York
GoPro Inc's founder and CEO Nick Woodman holds a GoPro camera as he celebrates GoPro Inc's IPO at the Nasdaq Market Site in New York City, June 26, 2014. Wearable sports camera maker GoPro Inc's initial public offering was priced at $24 per share, an underwriter said, valuing the company at up to $2.96 billion. REUTERS/Mike Segar (UNITED STATES - Tags: BUSINESS SCIENCE TECHNOLOGY) - RTR3VVQU
Photograph by Mike Segar — Reuters

(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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