Wearable camera maker GoPro says it will eliminate about 100 jobs after its fourth-quarter sales fell far short of its expectations.
GoPro says fourth-quarter revenue was $435 million instead of the $500 million to $550 million it forecast in October. The company lowered the price of its new Hero4 Session camera after saying it made the product too expensive. That reduced its fourth-quarter revenue by $21 million.
The San Mateo, California, company had around 1,500 employees at the end of 2015 after hiring more than 500 people that year. It is cutting 7 percent of its jobs, or around 100 positions.
GoPro Inc. has dropped 71 percent in the past 12 months and finished at $14.61 Wednesday. The stock fell 28 percent in aftermarket trading.
Copyright AP - Associated Press