Yahoo Finance Here's Why GoPro Stock Tumbled Today
Shares of GoPro GPRO fell more than 6% in mid-day trading Wednesday after Alphabet GOOGL unveiled a new Google-branded clip-on camera and detailed improved cameras in its upcoming Pixel 2 phones.
The new clip-on device, Google Clips, is an AI-powered camera concept that automatically takes photos as one goes throughout their day. Clips looks for smiles, people you know, and exciting moments—and Google says it will only get smarter over time.
Google also revealed the specifications for its new Pixel 2 and Pixel 2 XL smartphones. The devices will feature a rear camera with 12.2 MP, 1.4μm pixels, autofocus with laser and dual-pixel phase detection, optical and electronic image stabilization, and an f/1.8 aperture lens.
Google’s device announcements come just one week after GoPro unveiled its new cameras, the Hero 6 and the Fusion. The Hero 6 is the latest update to GoPro’s flagship line and features 4K footage at 60 FPS, while the Fusion is a 360-degree camera that sports VR capabilities.
Both the Hero 6 and the Fusion were relatively well-received and are certainly two of the most powerful products in the action camera market. The new cameras helped shares of GoPro surge even higher, and coming into today, the stock was up more than 24% over the past four weeks.
Today’s slump is likely being exacerbated by this recent run, although it’s clear that investors are worried about Google’s entrance into the personal camera business. However, Google Clips is a concept that is noticeably different than GoPro’s core model, and at $249, Clips is also in a lower price range than GoPro’s marquee devices.
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