Source: GoPro

On Friday, the stock of the camera making company ‘GoPro’ dropped after the company reported unexpected and disappointing data on shipments. However, Nick Woodman, the Chief Executive Officer of the wearable camera maker, said that the market is “far from saturated.”

Customers who bought Hero 5 camera never owned a GoPro product before: Woodman

On Thursday, the camera making giant reported that its shipment dropped to 730,000 units in the first quarter. According to StreetAccount, Wall Street was expecting 805,000. Further CNBC reports that the camera making company reported loss per share: 44 cents vs. 45 cents expected and revenue: $219 million vs. $208 million expected, according to Thomson Reuters.

The figure of shipments represents a nearly 45% drop from what the camera maker shipped in the previous year around the same time. Previous year, it had been the third-consecutive quarter of the camera maker in which it had shipped more than 1 million devices. The stock of the camera making giant was down more than 6% on Friday afternoon.

Woodman said in an interview on CNBC’s “Squawk Alley” that the company data show that a very large percentage of customers who bought the new Hero 5 camera of GoPro had never owned a GoPro product before.

Woodman doesn’t expect additional layoffs

The camera making giant has shifted its focus to its premium products, contributing to a 13% year-over-year increase in the average selling price of GoPro products, said Woodman. The CEO hopes that the strategy will assist the company in returning the company to profitability.

Woodman said, “We have a very strong product roadmap both in hardware and in software.” He added, “Consumers and investors should expect continued innovation and terrific solutions from GoPro going forward.” The camera maker cut around 270 jobs last month.

The GoPro CEO does not expect additional layoffs. The stock of the camera making giant dropped around 8% on Friday, declining more than 35% in the past year and 17% in the past three months. The stock has underperformed the S&P 500 index that was up 15% in the past year and 4% in the past three months. On Friday, the shares of the camera maker closed down 7.7% to $8.25, making it their seventh-ever lowest close.