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Tuesday, January 13, 2015

GoPro (GPRO) plummets after Apple granted patent for mounted cameras

GoPro's stock fell 12% on Tuesday, following a report that Apple had been granted a patent for a mounted digital camera system similar to the devices that GoPro produces.

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.

When GoPro first filed to go public last May, the company highlighted a number of risk factors including the fact that "substantially all" of its revenue came from video camera devices, which could face competition from any number of device manufacturers including companies like Apple.

Some analysts were quick to point out on Tuesday the significantly detrimental impact Apple's plans could have on GoPro.

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