GoPro has not been able to stop its downward spiral. It another weak quarter with sales for the three months ended Sept. 30 plummeting by 39.0 percent from the year-ago quarter, down to $240.6 million.

Revenues for the action-camera company fell across every region: North America, Asia-Pacific and Europe. The management blamed this performance on production problems for the new Hero5 line of cameras and Karma, GoPro's entry into the drone market. Despite these problems, the management stressed that GoPro still held three of the top five positions in the camera/camcorder category in the U.S.

In Europe, according to GfK, GoPro's share of the digital imaging market in terms of units increased year-over-year by 2.0 percentage points to 11.0 percent in the third quarter. Shipments of the Hero4 Silver camera increased by nearly 14.0 percent sequentially and GoPro accounted for four of the top five camcorders in Europe on a unit basis in the third quarter. In Japan, GfK reports that GoPro's unit sell-through was up sequentially by 67.0 percent and by 125.0 percent year-over-year in the same quarter.

Despite these highlights, the company saw its gross margin fall by 6.2 percentage points to 40.6 percent and posted a loss of $83.4 million, versus a profit of $36.6 million a year ago.

GoPro expects to return to profitability in 2017 thanks to new product launches and the development of the digital side of its business. In terms of software, it introduced GoPro Plus, a cloud-based content management solution that connects to Hero5 cameras and Quik, its mobile and desktop editing suite.

For the current financial year, GoPro expects sales to be in a range between $1,250 million and $1,350 million, down from $1,620 million in 2015. Revenues would grow at a double-digit rate next year, the management claims.