GoPro released its latest earnings report after closing bell tonight, posting losses of 60 cents per share on $240.6 million in sales. Analysts had been expecting losses of 36 cents per share on $313 million in sales. In last year’s third quarter, the action camera maker reported profits of 25 cents per share on $400 million in revenue. It was the company’s fourth consecutive quarter of sales declines as it struggles to gain traction with its new and old products.

GoPro

GoPro swings to a loss

GoPro’s GAAP losses were 74 cents per share, compared to GAAP earnings of 13 cents per share last year. Adjusted EBITDA plunged to -$73.6 million from $56.7 million last year. The GAAP gross margin moved lower to 40.3% from 46.6%, while the non-GAAP gross margin fell to 40.6% from 46.8% last year.

GoPro shares had a wild ride during the third quarter as the company unveiled its new Hero5 cameras and its very first drone, the Karma. Many analysts and investors seemed to think that the new devices offer great promise for the struggling tech firm, as its shares climbed in the weeks following their unveiling. However, tonight’s report covers GoPro’s results through Sept. 30, and the Hero5 cameras and Karma drone didn’t go on sale until October. In other words, we’ll have to wait until the December quarter results are reported to find out how the new products are faring, but GoPro management might have some comments about how things are going so far.

GoPro expects adjusted profit next year

GoPro expects its fourth quarter adjusted earnings to be about 30 cents per share, which is far short of the consensus of 43 cents per share. The action camera maker expects its fourth quarter revenue to come in at $625 million, plus or minus $25 million. Analysts are projecting $666 million.

For 2017, the company expects revenue growth in the double digits year over year and a GAAP net loss, although it expects to be profitable on a non-GAAP basis.

GoPro shares plunged during regular trading hours today following hugely disappointing sales and guidance from Fitbit. They were halted just before tonight’s earnings release, and trading had not resumed as of this writing. It’s unclear if further news (other than the abysmal earnings report) is forthcoming.