GoPro Chief Executive Nick Woodman said Thursday his company made mistakes on the launch of its Hero4 Session camera.
"If Session had been stronger out of the gates, if we hadn't mispriced it, and if we had backed it up with the marketing it deserved, I think we would have had a very different earnings call yesterday," he said in an exclusive interview on CNBC's "Squawk Alley."
The company launched its flagship camera in July for $399.99, but slashed its price by $100 two months later.
Shares of GoPro skid further Thursday, one day after the company reported earnings and revenues that missed expectations. Share prices were down 13 percent by Thursday afternoon. In after-hours trading Wednesday, the stock was down 18 percent at one point. Click here for the latest stock quote.
The camera maker posted third-quarter earnings of 25 cents per share on revenue of $400 million. Wall Street had expected 29 cents per share on $434 million in revenue, according to consensus estimates from Thomson Reuters.
Woodman said that despite the miss, the company still reported revenue that was up 43 percent from the year-earlier period.
"Performance is still good, demand for GoPro is still strong, but admittedly, we took our foot off the gas from a marketing perspective in the second and third quarter," he said.
He said the company had a "huge halo effect" from its IPO last year and was planning to beef up marketing to address some waning social media attention.
JMP Securities analyst Alex Guana criticized the company for "one additional thing that went wrong."
"They didn't give us a new flagship device for this holiday season, so we view that as a pretty big fail," he said in an interview Thursday on CNBC's "Fast Money: Halftime Report."
But Guana said he believes the company can move past this quickly, given its young management team that is willing to admit to its mistakes.
"You need new devices every holiday season," he said. "Going forward they are going to have to execute."
GoPro said its revenue was hurt by lower demand for its wearable cameras in the Americas. Recent advancement in the video-shooting capabilities of smartphones, such as Apple's iPhone 6 range, is eroding GoPro's consumer base.
Helmet- and body-mounted cameras from GoPro are popular with surfers, skydivers and other adventure sports enthusiasts.
Revenue from its Americas market fell 7 percent to $190.8 million. However, revenue from its international market nearly tripled to $209.8 million, with China as its faster-growing market ever.
Disclosures: Neither Guana nor JMP Securities owns shares of GoPro. JMP managed/co-managed the GoPro IPO and received compensation for doing so. The firm also makes a market in GoPro.
— Reuters contributed to this report.