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News junkies and seasoned traders got a rare headline Wednesday afternoon: "GoPro Shares Halted News Pending."
Shortly after the 4:07 p.m. EST trading halt on the Nasdaq, GoPro Inc (NASDAQ: GPRO) issued a press release that showed concerning fourth-quarter and calendar year 2015 preliminary sales.
The company is now expecting quarterly sales around $435 million, sharply below the current analyst consensus estimate of $511.9 million.
For the calendar year, GoPro sees sales up about 16 percent to $1.6 billion.
The release also showed news of a "reallocation of resources." The company will cut about 7 percent of its 1,500-plus workforce.
GoPro expects to incur a $5 million to $10 million restructuring charge related to the initiative. The charge will be recorded during the first quarter of 2016.
GoPro said it will issue its fourth-quarter and full year results on February 3, 2016, after the market closes.
Shares of GoPro remained halted just before 4:30 p.m. EST. The stock will resume trade at 4:40 p.m. EST.
Notably, shares of Ambarella Inc (NASDAQ: AMBA), a supplier for GoPro devices, have traded down nearly 9 percent in Wednesday's after-hours session.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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