GoPro has had a bad year, after recently announcing layoffs at the company, the camera manufacturer has his week announced that it will cease sales of at least three of its action cameras due to disappointing Q4 results.
These results reported that the company had earned $436.6 million in revenue, which is 31 percent less than last year’s quarter, alongside this GoPro projected $1.35-1.5 billion in revenue for the entirety of 2016, which is a drop from the $1.6 billion in revenue from 2015.
GoPro also announced that they shipped 6.6 million cameras in 2015, which is a 27 percent increase from 2014.
As a result of this, GoPro will be laying off 7 percent of its workforce, and will be halting sales of a number of action cameras from April. This includes the Hero+ LCD, Hero+ and the regular Hero.
After that GoPro will only be selling the Hero 4 Black, Hero 4 Silver and the Hero 4 Session.
The company also revealed that the company’s CFO, Jack Lazer will be leaving and will be replaced by Brian McGee. Shareholders responded to this news poorly, with stock falling as much as 15 percent in after-hours trading.