GoPro announced its first quarter earnings today, and the details were fairly bleak. It saw its revenue drop by 49.5 percent from the same period in 2015, and it swung from a $22 million profit to a $121 million loss. The company also announced that its new drone, the Karma, will be delayed until the winter holiday. It was originally slated to be released in the first half of this year.
The news comes after a disappointing year for GoPro. While the company shipped more cameras than ever before in 2015 (6.6 million), GoPro had a rough fourth quarter, bringing in about $200 million less than it did in the fourth quarter of 2014. Earlier in the year the company released the Hero 4 Session, its first majorly redesigned camera ever, but poor sales forced GoPro to cut the camera's price in half later in the year. Other, more affordable cameras were released as well, but GoPro has already discontinued them — a move that cost the company $57 million.
Drones represent one new opportunity for GoPro, and 360 cameras are another. The company released the first sample footage from its six camera Omni rig today. This kind of video is expected to grow in popularity along with the rise of virtual reality headsets, which allows users to look around the footage simply by turning their head. It costs $5,000 in total, which is about $1,500 for the frame.
The company has tried this "look over here" trick before. In February when, minutes before releasing the company's disappointing Q4 2015 numbers, GoPro published the first sample footage from its upcoming quadcopter. Investors weren't forgiving either time, driving the stock down about 79 percent over the last year.