GoPro Q4 2016 Earnings: Shares down 12 percent after disappointing holiday season

GoPro display at a store

GoPro released a disappointing earnings report for the fourth fiscal quarter of last year ended December 31st, 2016.

Revenue during the holiday season slid almost six percent year over year to $540.6 million USD, which largely missed the $574.5 million that analysts had predicted.

Furthermore however, the action-camera company predicts its first quarter of 2017 to yield between $190 million and $210 million in revenue compared to the $267.6 million expected by Wall Street.

“In 2016, big investments in hardware, cloud, and mobile yielded a solid foundational experience for our customers,” Nicholas Woodman, GoPro’s founder and CEO said in the earnings statement. 

“In 2017, we will build on this foundation for our customers while improving efficiency and managing cost to achieve profitability,” continued Woodman. 

GoPro has been struggling financially for quite some time, and announced it would lay off 15 percent of its workforce on November 30th of 2016. That announcement was made shortly after discouraging third quarter earnings were released to the public at the beginning of November.