Shares of extreme action camera maker GoPro (NASDAQ:GPRO) have plunged more than 16% in after-hours trading after the company announced third quarter fiscal 2015 earnings that failed to meet expectations then went ahead and issued weak guidance. GoPro reported that third quarter revenue clocked in at $400.3 million, good for 43% Y/Y growth, while non-GAAP EPS of $0.25 was more than double the $0.12 the company recorded in the prior year quarter. Despite the healthy top and bottom line growth, GoPro’s latest results failed to meet expectations: the reported revenue missed consensus estimates by $33.3 million while EPS was off by $0.04.

GoPro said it shipped 1.59 million cameras during the quarter, down 3% Q/Q but up 46.3% Y/Y.

GoPro stock cratered about 13% on the news, but later tanked a bit more after the company issued fourth quarter guidance of $500 million-$550 million for revenue and EPS of $0.35-$0.45, both of which came in below consensus of $690.5 million for revenue and EPS of $0.82.

GoPro shares are now trading at all-time lows after their latest hammering.

Why GoPro Shares were Badly Hammered

GoPro’s woes seem to have stemmed from the timing of the release of its new cameras in the second quarter instead of the third quarter as has been the case in the past. In 2014, GoPro debuted its new cameras in the third quarter but this year’s launch took place during the second quarter.

It was, however, GoPro’s weak guidance that provided the final straw. For reference, it should be noted that GoPro reported revenue of $633.9 million for last year’s fourth quarter. The company’s guidance therefore implies that revenue will fall roughly 17% Y/Y, which would mark the first Y/Y revenue decline by the company. To be fair, GoPro’s last year’s fourth quarter results received a nice boost from the launch of the popular Hero4 cameras.

GoPro is known to be extremely conservative with its guidance, so the company could have deliberately low balled its guidance to give itself a chance to top its guidance. But it could also mean that the company expects more competition from new entrants into the space such as Xiaomi.