It’s been a gloomy week in tech stocks. Fitbit missed on earnings Wednesday, and its stock had dropped 33.5% by market close on Thursday. But it was Fitbit’s projections for the holiday quarter that sent investors counting their steps toward the exits. Analysts expected revenues of $985.1 million; Fitbit forecast only $725 million to $750 million.
Analysts expected GoPro to report poor earnings, but the action camera company’s earnings, reported today, were apparently even worse than poor, because the stock fell 7% in after-hours trading. Even before earnings were announced the stock had taken a 4% hit Thursday, as some investors were likely spooked by the Fitbit earnings.
Fitbit’s stock is trading at less than half the $20 value of shares at the company’s 2015 IPO. Similarly, GoPro’s stock is trading at roughly half of its $24 (2014) IPO price. The Nasdaq tumbled 41 points Thursday.