GoPro woes continue as revenues drop 40% in Q3

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GoPro’s third quarter results have deepened the tech brand’s woes, with a reported net loss of $104 million (74 cents per share) versus last year’s profit of $18.8 million and 13 cents a share.

Revenues for Q3 dropped 40% from $400.3 million in the same 2015 period to $240.6 million. The results fall well short of predictions and follow three consecutive periods of net loss.

Putting a positive light on the period ahead, founder and CEO Nicholas Woodman offered:

“These are the best products we’ve ever made and consumer demand is strong. GoPro is now a seamless storytelling experience and we’re very happy with customer reception so far. Looking forward to 2017, we expect to return to profitability, driven by the strength of our new products, double digit revenue growth and annual operating expenses of approximately $650 million.”

Having now launched the Hero 5 Session and Hero 5 Black, as well as the Karma drone, Woodman outlines that the firm is drawing in new revenue streams. One such addition is the launch of GoPro Plus, a cloud-based subscription service that makes auto-uploading footage online simple, further offering on-the-go editing using the Quik app.

For the full run down see here.