Production delays pushed deliveries of GoPro's new Hero8 cameras into the fourth quarter, leading the company to record weak results for the third quarter, but the drop was lower than what GoPro and the financial community had predicted. Revenues tumbled by 54.1 percent to $131.2 million, while the gross margin contracted by 10.1 percentage points to 21.7 percent. The American brand of action cameras ended the quarter with a net loss of $74.8 million, as compared to $27.1 million for the same quarter of 2018. However, the company maintained its full-year guidance, projecting revenue growth of 9 to 12 percent. Despite the delays, GoPro said the Hero8 Black launch video has become the most viral launch video in its history. Unit sales of the new cameras on GoPro.com eclipsed those of every previous launch. In Europe, GoPro claimed an 80 percent market share in dollars in the category of action cameras priced at $200 and more. In Japan, GoPro's market share in units increased from 58 to 60 percent, according to GfK. In the U.S., GoPro's sales increased by 38 percent for the number of units priced at $300 and above, according to the NPD Group.
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