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GoPro shares plunge more than 20% after brutal quarterly results

GoPro shares plummeted more than 20 percent Thursday after the company reported disappointing quarterly results and gave weak fourth-quarter and 2016 guidance.

The technology company missed expectations on both the top and bottom lines, reporting a third-quarter loss of 60 cents a share on revenues of $241 million. Its stock was halted for news pending before the report.

Analysts had expected a much smaller loss of 35 cents per share on revenues of $319 million, according to a Thomson Reuters consensus estimate.

For its fourth quarter, GoPro said it sees adjusted earnings per share between 25 cents and 35 cents, well below analysts' previous estimates of 44 cents a share. The company also guided lower for its fourth-quarter sales, projecting a range between $600 million and $650 million for its key holiday season. Analysts were expecting revenues of $666 million for the fourth quarter.

The company also lowered its 2016 revenue guidance to a range of $1.25 billion to $1.3 billion, down from a range of $1.35 billion to $1.5 billion. Wall Street was expecting revenues of $1.39 billion for 2016.

GoPro Founder and CEO Nicholas Woodman said he expects 2017 to be an important year for the company, as he expects to start making money again.

"Looking forward to 2017, we expect to return to profitability, driven by the strength of our new products, double digit revenue growth and annual operating expenses of approximately $650 million," he said.

The company's stock is down more than 52 percent in the past 12 months.

This story is developing. Please check back for further updates.