Camera manufacturer GoPro has posted a 31.1 per cent decline in sales for the final quarter of 2015, down to $436.6m (£299.3m) from $633.9m, missing analysts' expectations of $496.1m.
Shares in the company dropped by over nine per cent in after hours trading, and at the close yesterday were down by more than 80 per cent over the last year.
Revenue for the full year was up 16.2 per cent to $1.6bn from $1.4bn, but the company forecast revenue of $160m to $180m for the first quarter of this year. Analysts on average were expecting $298m.
“The fourth quarter represented the second highest revenue quarter in the company’s history,” said GoPro founder and chief exec Nicholas Woodman. “However, growth slowed in the second half of the year and we recognise the need to develop software solutions that make it easier for our customers to offload, access and edit their GoPro content.”
The group has also named Brian McGee as its new chief financial officer. McGee will take over from incumbent finance chief Jack Lazar in March.
GoPro sent shares into freefall last month when it warned that sales for the final quarter of 2015 would miss forecasts, and said it would be slashing its workforce by seven per cent.
Shares have been well below the company's IPO price of $24 for months now, with concerns surrounding a potential lack of demand for the point of view cameras. Analysts have previously said that the market for GoPro's products is nearing saturation.