GoPro’s stock took a dive after a report from Patently Apple that outlined a patent from for a mounted digital camera similar to GoPro’s line of camera. GoPro’s stock fell 12%, which is a huge blow to the newly public company. Their main business revolves around their action cameras. The company
Patently Apple reports that the U.S. Patent and Trademark Office granted Apple nearly three dozen patents on Tuesday related to the camera system, dating back to filings from 2012. According to the publication, the patents specifically note “weaknesses” in GoPro’s devices.
Apple does have some ground to stand on with their outstanding cameras in their iPhones, but them moving into another market could be tricky. The company has been known for their quality, and the high standard that they have set with their mobile cameras. GoPro is the industry standard for action cameras, with thousands of athletes, film makers, and adventures around the world.
GoPro has mentioned that they will expand their offerings in the future, and the first thing we could see from them is a consumer drone. “I think that it will have about the same impact on GoPro as the iPhone has had on camera makers and that impact is that there are fewer cameras sold but the number isn’t zero,” Michael Paachter, an analyst with Wedbush Securities, told Reuters.
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