Sharers in tech company GoPro (NASDAQ:GPRO) fell 19 percent in a after hours trading, as the Group disclosed an overall loss in the last quarter.

Net income losses came to $34.5 million – a dramatic fall from the $122.3 million profit last year – suggesting that they are failing to keep up with competition from cheaper Chinese rivals. In a statement, the company conceded the need to make their cameras more user friendly to attract retain customers:

“Growth slowed in the second half of the year and we recognise the need to develop software solutions that will make it easier for customers to offload, access and edit their GoPro content,” said founder Nicholas Woodman.

To counter the fall, the company will be cutting production of some of its range and CFO Jack Lazar will be replaced by Brian McGee. This year to date shares in GoPro, who design and manufacture wearable video cameras, have fallen over 40 percent.

04/02/2016