GoPro forecasts revenue below estimates, names new chief financial officer

GoPro INC (GPRO.O) forecast current-quarter revenue well below analysts' estimates on weak demand for its wearable cameras and therefore the company named Brian McGee as its new chief money handler.

GoPro same McGee, UN agency joined the corporate from Qualcomm INC (QCOM.O) in 2015, would succeed Jack diseased person as chief financial officer on March eleven.

The camera maker's shares fell ten p.c in extended commerce on weekday.

Demand for GoPro's helmet- and body-mounted cameras has been declining as rivals like China's Xiaomi XTC.UL provide cheaper product and smartphone cameras flip progressively advanced.

"...We acknowledge the necessity to develop software system solutions that build it easier for our customers to dump, access and edit their GoPro content," Chief government Saint Nicholas Woodman same in an exceedingly statement.

GoPro forecast revenue of $160 million to $180 million for the primary quarter ending March. Analysts on the average were expecting $298 million, per Thomson Reuters I/B/E/S.

The company's revenue fell thirty one p.c to $436.6 million within the fourth quarter finished Dec. 31, missing the common analyst estimate of $496.1 million.

GoPro, that had already free its quarterly numbers last month, reportable Associate in Nursing adjusted loss of eight cents per share. Analysts had expected the corporate to interrupt even on a per-share basis.

The company's shares were commerce at $9.72 once the bell. Up to Wednesday's shut, the stock had fallen quite eighty p.c within the past twelve months.