GoPro stock fell over 17%
Shares of consumer technology company GoPro (GPRO) fell 17.3% in the week ended March 23, 2018. The stock, however, recovered to rise 3.3% on March 26, 2018, and it’s now trading at $4.73, which is 3.7% above its 52-week low of $4.56 and 60% below its 52-week high of $4.73. GoPro stock has fallen 45% in the trailing-12-month period after falling 13% in 2017. Since the start of 2018, GoPro has fallen 37.5%.
The company has been struggling with falling sales. In 4Q17, GoPro’s revenue fell 38% YoY (year-over-year) to $334.8 million. To offset its falling sales, GoPro recently entered into a licensing agreement with Jabil (JBL) in which the latter will use GoPro’s IP (intellectual property) and design to manufacture lenses for third-party products.
Fitbit shares fell over 6% last week
Shares of Fitbit (FIT) fell 6.1% in the week ended March 23, 2018. The stock is currently trading at $4.95, which is 6% above its 52-week low of $4.67 and 32% below its 52-week high of $7.32. Fitbit stock has fallen 8% in the trailing-12-month period after falling 22% in 2017. Since the start of 2018, Fitbit has fallen 13.3%.
Similar to GoPro, Fitbit has been struggling with falling sales in the last year, and the recent tech sell-off has further driven the shares of these two companies downward. Fitbit’s revenue fell 1% to $570.8 million in 4Q17. This fall in revenue has also meant a fall in profitability for GoPro and Fitbit. The two companies posted non-GAAP (generally accepted accounting principles) operating losses in 4Q17.