Who would have thought GoPro Inc. would be in financial troubles- certainly not to the extent that was revealed this week. After releasing the much talked about karma drone and Hero5 camera, GoPro’s quarterly earnings still took a massive dive to $240.6 million compared to the same period last year where they earned $400 million. Even though the company is obviously bleeding money, the CEO Nicholas Woodman seemed optimistic about the future, saying:
“Looking forward to 2017, we expect to return to profitability, driven by the strength of our new products.”
Woodman also mentioned how the company had launched fewer cameras and drones this year due to production issues, these issues unfortunately may keep them from meeting the huge demand during the upcoming holiday season.
Years ago GoPro was riding high on great reviews and high demand from their product portfolio, however now that the market has settled down, and other competitors have entered the space, investors in the company are now fearful of even more declining profits down the line. Here is hoping profits pick back up in the next quarter; would be a shame to see this much loved brand go away.