GoPro, Ambarella And 3 More Stocks Tumbling In After-Hours Trading

Shares of GoPro Inc GPRO were trading down about 26 percent –and were halted- on Wednesday’s after-hours session, after the company issued disappointing fourth quarter guidance and announced a 7 percent reduction in its workforce.

After the market closed, the maker of action cameras released a preliminary 2015 sales forecast that fell considerably short of the Street’s expectations. The small cap tech company now expects fourth quarter revenue of $435 million, versus analysts’ consensus estimate of $513.08 million and GoPro’s guidance of $500 million to $550 million. “Fourth quarter revenue reflects lower than anticipated sales of its capture devices due to slower than expected sell through at retailers, particularly in the first half of the quarter,” the company said in a statement.

In addition, management announced it would be cutting the company’s workforce by 7 percent. This restructuring will cost $5 million to $10 million. The company’s current market cap stands at $2 billion – after the stock lost almost 2 percent over the six months.

Also tumbling on the news was GoPro supplier Ambarella Inc AMBA, which lost more than 10 percent since the bell rang.

Other stocks falling in Wednesday’s after-hours trading session include:

• Breitburn Energy Partners LP BBEPP, a micro cap independent oil and gas partnership that was down almost 8 percent since the market closed.
• Square Inc SQ, down about 3.5 percent in the afternoon hours, after losing 3.97 percent during the regular trading session.
• Fitbit Inc FIT, down approximately 2.6 percent since the bell rang.

Disclosure: Javier Hasse holds no positions in any of the securities mentioned above.