There's not a lot of optimism around the tech sector right now. It's becoming easy to see why.
GoPro is the most recent tech company to find a rocky public market that appears to be growing tired of missed earnings reports.
The video-camera company reported sales and profits that came in well below what had been expected by analysts.
Investors reacted swiftly, sending its shares down about 15% in after hours trading. The decline means that GoPro's shares are nearly back to the $24 level at which it went public.
GoPro's decline comes just a day after Twitter received a similar cold shoulder from investors following a similarly disappointing progress report. Twitter matched estimates on profits but displayed almost no user growth and disappointed with its expectations for the future of its business.
Apple has proven to be one of the lone exceptions, producing impressive iPhone sales and appearing to have avoided any problems in China. Its shares rose 4.1% on Wednesday but remain below its 2015 high.
Without Apple, however, the tech sector is not fairing well. Stripping out the iPhone maker, the tech sector is on its way to reporting a decline in profits for the third quarter of 2015.
GoPro generated $0.25 per share of profit, below expectations of $0.29. It generated $400 million in revenue, under the estimates of $434 million. The company also announced a $300-million stock buyback program. That kind of news usually boosts a stock, but investors were not buying it.
Other tech companies have put off going public to wait for better market conditions. Cloud storage upstart Box raised $150 million from a hedge fund in lieu of what had been a much anticipated IPO. On Tuesday, music streaming company Deezer announced that it has decided to delay its public offering.