Thomson Reuters
- GoPro announced it won't offer its best features in its new 360-degree Fusion camera until early 2018.
- The company's shares slid after the news.
- To watch GoPro's stock price move, click here.
GoPro's stock is sliding, down 2.39% at $8.18, after the camera company announced that it would roll out its new 360-degree Fusion camera without some of its best features.
Its Overcapture software allows users to pan and zoom on footage captured in the 360 video so that "you always get your shot," the company said on its website. However, this feature, unavailable in other editing software at the moment, will not be released until early 2018, the company stated.
This leaves early buyers locked out of the new features. Oppenheimer analyst Andrew Uerkwitz earlier lauded the company as "highly innovative" for its hardware and software.
Google recently announced its new "Clips" camera, which is a play off of GoPro's small action cameras. Despite the competition, Wall Street analysts maintain that GoPro still has a lot going for it.
Last month, JPMorgan analyst Paul Coster said that Google's camera "validates part of GoPro's market" but also "appears to be going in a different direction," adding that the camera is not wearable, or meant for outdoor action, which is the mainstay of GoPro's niche appeal.
GoPro shares are down 6.62% for the year.
To read why competition with Google might be a good thing for GoPro, click here.
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