GoPro Inc. (NASDAQ: GPRO) shares were crushed on Thursday after the firm announced that there would be a delay in shipments of its new Hero8 Black cameras. Ultimately, this “late-stage production delay” will push back availability of the cameras until the fourth quarter, instead of the third quarter, resulting in lost income.
On Tuesday, the company launched Hero8 Black, priced at $399 and a new dual-lens GoPro MAX camera at $499. It also slashed the price of its top-selling product Hero7 Black, launched last year.
Management now expects to post earnings per share (EPS) in the range of $0.33 to $0.39 for the second half of the year, compared with its prior forecast of $0.37 to $0.49. The company also trimmed its 2019 revenue forecast to between $1.22 billion and $1.25 billion, from a prior forecast of $1.25 billion to $1.28 billion.
For the second half of the 2019 year, consensus estimates are calling for $0.43 in EPS and $722.3 million in revenue.
Excluding Thursday’s move, GoPro shares were up about 21% year to date. In the past 52 weeks, the stock was actually down closer to 30%.
Shares of GoPro traded down about 24% to $3.89 on Thursday, within a 52-week range of $3.62 to $7.64. The consensus price target is $6.00.