GoPro shares plummet as sales to take hit on production delays

GoPro shares are trading lower in the premarket after plunging 20 percent in after-hours trading as the company lowered its financial targets for the back half of the year.

Production delays for the latest Hero8 Black cameras are cited as the reason.

Ticker	Security	Last	Change	Change %
GPRO	GOPRO INC.	1.22	+0.02	+1.67%

The company had originally forecast revenue growth of 9 percent to 12 percent. That has been cut to 6 percent to 9 percent.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

GoPro cut its adjusted profit forecast to 33 cents to 39 cents a share from 37 cents to 49 cents a share.

Production issues for some of the company's prime products are not new.

CLICK HERE TO READ MORE ON FOX BUSINESS

The maker of action cameras announced a slate of new products this week, including the Hero8 Black with a price tag of $399.