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GoPro announced it is discontinuing its older series of cameras alongside a pretty negative financial report for 2015. The report describes an unexpected $57 million hit to the company’s revenues due to an excess of camera inventory and obsolete technology.The new GoPro lineup starting in April will only include three cameras: theHero4 Black, Hero4 Silver and Hero4 Session. Everything else will be discontinued, including the cheapest Hero GoPro, which the company describes as “the perfect entry-level GoPro.”

Following GoPro’s announcement, its stocks have taken a sharp fall, going down over 10% over the last day.

Amid the financial downturn of the action-camera company, GoPro also announced CFO Jack Lazar will be retiring after holding the position for two years. He will be replaced in March by Brain McGee, former Qualcomm vice president of business operations. Perhaps a new face leading the financial side of GoPro can pull the company out of its fiscal downturn.

GoPro’s future may see an upturn after the release of the new Hero5 camera this year, which founder and CEO Nicholas Woodman confirmed in an earnings call following the financial report. The company also has the Karmadrone coming out in 2016, which will shoot 4K video.

Read more: http://mashable.com/2016/02/04/gopro-cuts-lineup/

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