GoPro's camera lineup is going to look a little slim this spring.
The company, which announced layoffs last week, has just confirmed it will cease sales of at least three action cameras - and it's doing all this because of a massive revenue drop it suffered year over year.
GoPro has posted the results of its final quarter of 2015, reporting that it earned $436.6 million in revenue, which is a a 31 per cent drop from the same 90-day period last year. GoPro also projected a revenue of $1.35-1.5 billion for 2016, but it had $1.6 billion in 2015. Also, although GoPro shipped 6.6 million cameras in 2015 (up 27 per cent from 2014), only 2 million were doing Q4.
In other words: GoPro isn't doing so hot these days. The camera maker will not only lay off 7 per cent of its workforce as a result, but also halt sales of several action cameras starting in in April. GoPro's new action camera lineup will only include the Hero 4 Black ($499.99), Hero 4 Silver ($399.99), and Hero 4 Session ($199.99). All the other cameras in its lineup will be discontinued.
So that includes the Hero+ LCD ($299.99), Hero+ ($199.99), and regular Hero ($129.99). The company also announced today that Jack Lazar, its CFO, is leaving and will be replaced by Brian McGee, who joined GoPro last year. But not everything was bad news; GoPro still plans to launch a new flagship model this year, called the Hero 5, as well as its Karma drone, which records 4K video.
GoPro's stock fell as much as 15 per cent in after-hours trading.