NEW YORK (TheStreet) -- Shares of GoPro (GPRO) - Get Report were falling 15.03% to $25.67 on Thursday after the action camera maker missed analysts' estimates for earnings and revenue in the third quarter.
GoPro reported earnings of 25 cents a share for the third quarter, missing analysts' estimates of 29 cents a share for the quarter. Revenue grew 43% year over year to $400.3 million for the quarter, below analysts' estimates of $433.6 million.
The action camera maker said it shipped 1.59 million cameras in the third quarter, a 3.3% drop from the second quarter, but a 46.3% increase from the year-ago quarter.
Looking to the fourth quarter, GoPro said it expects earnings of 35 cents to 45 cents a share, and revenue of $500 million to $550 million. Analysts expect the company to report earnings of 82 cents a share and revenue of $690.5 million for the quarter.
Analyst firm Piper Jaffray downgraded GoPro to "neutral" from "underweight" following the company's poor earnings report. The analyst firm also lowered its price target for the company's stock to $20 from $25.
TheStreet Ratings team rates GOPRO INC as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
We rate GOPRO INC (GPRO) a SELL. This is driven by multiple weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. Among the areas we feel are negative, one of the most important has been a generally disappointing historical performance in the stock itself.
You can view the full analysis from the report here: GPRO