Just weeks after a round of layoffs, GoPro has posted the results of its final quarter of 2015. The company earned $436.6 million in revenue during Q4 of 2015, a 31 percent drop from the company’s fourth quarter of 2014. In addition, GoPro is projecting revenue of $1.35 billion to $1.5 billion for this year, a drop from $1.6 billion in 2015. GoPro’s stock dropped as much as 15 percent in after-hours trading.
The numbers aren’t much of a surprise, because at the same time that GoPro announced the workforce cut, it downgraded its guidance for the fourth quarter of 2015 from about $500 million to $550 million in revenue to $435 million, citing “lower than anticipated sales of its capture devices.”.
GoPro also announced today that CFO Jack Lazar is leaving the company. He will be replaced by Brian McGee, who joined GoPro in 2015 after working at Qualcomm.
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This article originally appeared on Recode.net.