Go Pro....Last years darling........This years Goat.
Sales are down. Stock is down. Employees are laid off. Just another success story to marvel at.
After posting a huge loss last quarter, the company fired its chief financial officer and slashed its product lineup to just three different cameras.
Shares have now fallen 89% from their high in September 2014,
said Wednesday that it had lost $34.5 million last quarter, after sales slowed dramatically towards the end of the year. The company had to take a writedown on $57 million worth of excess GoPros that stores had ordered, and unwanted GoPros
Sales fell by 31% over the past year.
CEO Nicholas Woodman said he knows how to solve the company's woes. (OH GOOD....)