GoPro shares tumble after company says it will make cuts

GoPro investors just got smacked by another big, nasty selfie stick.

Battered shares of the struggling action-camera maker tumbled as much as 25 percent in post-market trading Wednesday after the company said it will slash 7 percent of its workforce on disappointing holiday sales.

GoPro — whose tiny “Hero 4 Session” camera was a flop last fall, forcing sharp price cuts to clear unwanted inventory — warned it now expects revenue of $435 million, off nearly a third from the year-earlier quarter.

The dialed-back revenue forecast also fell short of Wall Street’s view of $511 million, according to Thomson Reuters. For the full year, GoPro projected revenue of $1.6 billion, versus the analysts’ consensus of $1.69 billion.

GoPro shares, which had tumbled 71 percent over the past 12 months, were changing hands late Wednesday at all-time lows around $11 after being halted for the grim announcement.

The shares had debuted in June 2014 at $24 and soared as high as $90 later that fall. The stock began a sharp slide last fall on worries about the Hero 4 Session as well as broader concerns about fresh competition.

As reported last week by The Post, a flurry of competing cameras with virtual reality capabilities at the CES gadget show in Las Vegas spurred new questions about GoPro among attendees.

In a written statement Wednesday, GoPro said price cuts on the Hero 4 Session spurred a $21 million charge with nearly $35 million in inventory writedowns.

Layoffs at the San Mateo, Calif., company will cut more than 100 employees from its ranks.

GoPro will report results for the fourth quarter and full year 2015 on Feb 3.