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GoPro shares sink after company reports sharp miss on 3Q revenue

Company expects to become profitable by end of 2018 and be well positioned for 2019
camera lens
GoPro is an American technology company which manufactures action cameras.

GoPro Inc (NASDAQ:GPRO) reported a sharp miss on third quarter revenue while earnings per share (EPS) widened on Thursday, causing shares to tumble sharply in afterhours trade.

The company said revenue for the quarter came in at $286 million, above the consensus of $272.27 million but 13% down on the year-ago level of $329.81 million.

EPS came in at a loss of $0.19, above the consensus of a loss of $0.06 and last year's gain of $0.15.

Shares of the company slumped 7.24% to $6.66, having closed on Thursday 9.28% higher at $7.18.

"We expect to achieve profitability in Q4 and for the second half of 2018 and exit the year with low channel inventory to be well positioned for Q1 2019," said CEO and founder Nicholas Woodman.

Analysts said the company struggled to drive demand for its cheaper cameras under its HERO brand flagship.

GoPro is an American technology company which manufactures action cameras and develops its own mobile apps and video-editing software.

The company is based in San Mateo, California.

Reporting by Rene Pastor, contactable on [email protected]

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