GoPro Falls as Doubts Persist on Wall Street About a Turnaround
- Action camera maker’s sales forecast tops projections
- Company has eliminated hundreds of jobs, closed units
Tech Earnings Roundup: GoPro, Baidu and Lyft
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GoPro Inc.’s shares fell after announcing higher-than-projected sales that failed to convince investors its plan to reverse the company’s declining fortunes is working.
The action camera maker, a darling of Wall Street when the company went public three years ago, has struggled to show it can move beyond its niche market, increase revenue and, eventually, turn a profit. In the past year, the company has announced product delays, recalls and disappointing earnings, spurring Chief Executive Officer Nick Woodman to eliminate hundreds of jobs and abandon an entertainment division as he tries to reshape the once-bloated company.