Action camera maker GoPro's shares have dropped to an all-time low, plunging by as much as 22 percent in early Thursday trading, according to America's Markets.
The severe blow to GoPro's stocks came after the company released an extremely alarming statement Wednesday evening, stating that the sales of its iconic compact action cameras have been far weaker than expected and that it is planning to cut about seven percent of its workforce.
"Fourth-quarter revenue reflects lower than anticipated sales of its capture devices due to slower than expected sell-through at retailers, particularly in the first half of the quarter," the company said, according to The Business Insider.
The action camera company further stated that it expects to earn $435 million in revenue during the fourth quarter of 2016, a far cry from the initial Wall Street forecast of a $508 million revenue.
GoPro's stocks have taken a beating lately, with its shares far below the levels of the company's spectacular IPO back in 2014. In this year alone, GoPro's stocks have dropped 19 percent and a further 73 percent during the last six months, CNN Money reported.
With intense competition from rivals that offer comparable products for a far cheaper price, many are starting to question if GoPro's iconic Hero cameras were simply a fad. The company has announced a couple of new projects with the aim of recapturing its appeal, however, including a 16-camera rig for virtual reality and a drone called the Karma.
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