GoPro is shifting most of its US-bound camera production
There seems to be no respite in the ongoing trade war between the United States and China, prompting many American companies that have been manufacturing their products in China to move out of the second-biggest economy in the world.
The latest company to do so is camera company GoPro (GPRO). The company recently announced that it would move most of its production of cameras headed for the United States out of China by next summer. The company didn’t announce where it would move its production base.
GoPro is going through a tumultuous time
GoPro has had a rough year. Its revenue is falling, and its stock has plunged nearly 35% so far this year. In November, it tanked 24% after it announced its third-quarter earnings results. The company’s revenue fell 13% year-over-year in the third quarter and posted a loss of $27 million.
However, the company said that it saw strong sales on Black Friday and Cyber Monday. Its latest flagship product, the HERO7, is also seeing strong sales.
GoPro is the leader in the action camera segment in the United States as well as in Europe. With that said, the problem for GoPro is that action cameras are niche products and don’t catch consumers’ eyes like smartwatches do.