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GoPro Halts Sale of Latest Camera on Amazon

October 13, 2016, 6:56 PM UTC
GoPro CEO Nick Woodman introduces the HERO5 Black during a press event in Olympic Valley, California on September 19, 2016. / AFP / JOSH EDELSON (Photo credit should read JOSH EDELSON/AFP/Getty Images)
Josh Edelson — AFP/Getty Images

Wearable camera maker GoPro said on Thursday it temporarily stopped selling its latest HERO5 camera model on Inc in the United States as the company negotiates pricing with the online retailer.

GoPro’s shares (GPRO) fell as much as 3.8%, on track for its worst six-day drop since May.

The company will resume supplying to Amazon at the end of the month or in early November, a GoPro spokeswoman said.

“Most likely, GoPro is temporarily, but intentionally, not shipping to Amazon following a not-uncommon pricing squabble, when a retailer lists the product below the agreed-upon floor price,” said Longbow Research analyst Joe Wittine.

GoPro Inc. Chief Executice Officer Nick Woodman Interview The GoPro Inc. Hero5 Black, left, and Hero5 Session cameras.David Paul Morris — Bloomberg via Getty Images

A number of retailers, including Best Buy and Target, match prices for products on e-commerce platforms like Amazon.

GoPro launched a slew of products last month, including the HERO5 Black and HERO5 Session cameras and the Karma drone, ahead of the crucial holiday season.

GoPro depends on Amazon (AMZN) for about 12-14% of its total revenue, said Piper Jaffray analyst Errin Murphy. The company receives more than half of its revenue from the United States.

However, some analysts said the concerns may be premature.

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“September or early October is a slow sales month anyway as people gear up for the holiday season,” said Oppenheimer analyst Andrew Uerkwitz.

He said the temporary nature of the issue should have very little effect on the company.

The company’s shares fell to $13.75 on Thursday. The stock had fallen more than 15% in the last five trading sessions.