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GoPro Halts Trading as Revenue Takes a Deep Dive

November 3, 2016, 8:34 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

GoPro Inc reported a near 40 percent fall in third-quarter revenue and cut its full-year revenue forecast, hurt by dwindling demand for its body-mounted point-of-view cameras, sending its shares sliding 23 percent after the bell.

The company, whose cameras are worn by surfers, skydivers and other action junkies, said revenue fell to $240.6 million in the quarter from $400.3 million a year earlier, declining for the fourth straight quarter.

Analysts were expecting revenue of $318.62 million, according to Thomson Reuters I/B/E/S.

GoPro also lowered its revenue forecast for the year ending December to $1.25 billion to $1.3 billion from its prior forecast of $1.35 billion to $1.5 billion.

The company in mid-September launched a new camera model, the Hero5, as well as its first consumer drone, the Karma, with investors focused on their reception among consumers over the upcoming U.S. holiday shopping season.

GoPro said it shipped 1.02 million products in the third quarter, up 34.1 percent from the prior quarter, but below analysts average estimate of 1.11 million, according to research firm FactSet StreetAccount.

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The company’s reported a net loss of $104.1 million, or 74 cents per share in the quarter ended Sept. 30, compared with a profit of $18.8 million, or 13 cents per share, a year earlier.

GoPro’s (GPRO) shares closed down 7% in regular trading, with investors spooked by fellow consumer gadget maker Fitbit’s (FIT) dismal revenue forecast on Wednesday.

Up to Thursday’s close, GoPro’s shares had fallen 33.7 percent year-to-date.