GoPro slips after Garmin introduces action camera

Shares of GoPro (GPRO) headed lower in morning trading after Garmin (GRMN) announced the VIRB 360 compact 360-degree action camera. WHAT'S NEW: Garmin this morning announced the VIRB 360, an compact action camera capable of shooting 360-degree video at 4K resolution and 30 frames per second. The VIRB 360 will cost $799.99 and be available sometime in June. "The VIRB 360 lets you relive personal experiences and share them with your friends -- from a different point of view, every single time...The camera's easy-to-use feature set will make even the most inexperienced users look like experts," said Dan Bartel, Garmin vice president of global consumer sales. COMPETITION WITH GOPRO: Garmin's VIRB 360 camera will compete with offerings from peer GoPro. In order to boost sales of its Hero5, GoPro announced last month its first ever trade-up program. GoPro said in March that it would cut 270 jobs in addition to the 200 jobs it said it would cut in November. The company said the plan will help it achieve its goal of returning to non-GAAP profitability in 2017. GoPro CEO Nick Woodman said yesterday during an interview that the company is "on track" with its previously issued revenue guidance for the second quarter. The company has said it expects revenue of $270M "plus or minus $10M" during the quarter. PRICE ACTION: GoPro is down 0.3% to $8.60 in morning trading, while Garmin is flat at $51.69.