GoPro is recalling 2,500 of its new Karma drones and the stock is tanking
GoPro/YouTube
" We have recalled Karma until we resolve a performance issue related to a loss of power during operation," the company said in a statement released after the market close.
"We plan to resume shipment of Karma once the issue is addressed."
GoPro shares fell by as much as 7% in extended trading.
The company launched the Karma drone in September amid weak demand for its popular action cameras. Even after new product launches, competition from cheaper devices stifled the company's ability to grow sales.
Last week, GoPro reported a third-quarter loss and a 40% year-on-year slump in revenue. It provided guidance for revenue in the crucial holiday quarter that was weaker than analysts had expected. The stock fell by as much as 21% after earnings.
- A centenarian who starts her day with gentle exercise and loves walks shares 5 longevity tips, including staying single
- A couple accidentally shipped their cat in an Amazon return package. It arrived safely 6 days later, hundreds of miles away.
- FSSAI in process of collecting pan-India samples of Nestle's Cerelac baby cereals: CEO
- Top 5 places to visit near Rishikesh
- Indian economy remains in bright spot: Ministry of Finance
- A surprise visit: Tesla CEO Elon Musk heads to China after deferring India visit
- Unemployment among Indian youth is high, but it is transient: RBI MPC member
- Private Equity Investments