INTERNATIONAL – GoPro on Thursday forecast a fourth-quarter revenue below analysts’ estimates as it continues to battle waning demand for its products, sending the shares of the action-camera maker down nearly 13 percent in after-market trading.
The company said it expects fourth-quarter revenue to be between $360 million and $380 million, below analysts’ estimates of $392.9 million, according to IBES data from Refinitiv.
The forecast was a let down as the company launched new low-price models of its flagship Hero camera for the holiday season.
GoPro has been trying to drive demand for its trademark action-cameras — which were once a must-have for surfers, skydivers and other action junkies — as competition ramps up.
The company said it would be profitable in the fourth quarter and expects “low channel inventory” to be well-positioned for the first quarter.
The San Mateo, California-based company reported a net loss of $27.1 million, or 19 cents per share, in the three months ended Sept. 30, compared to a profit of $14.7 million, or 10 cents per share, a year earlier.
On an adjusted basis, the company lost 4 cents per share. Revenue fell 13.3 percent to $285.9 million.
Analysts had expected a loss of 6 cents per share on a revenue of $272.3 million.
The company’s shares, which have lost 13 percent this year, were trading at $6.25 after the bell.