Apple may have just shoved GoPro's stock off a cliff.
GoPro's stock fell 12% on Tuesday, following a report that Apple had been granted a patent for a mounted digital camera system similar to the devices that GoPro produces.
Patently Apple reports that the U.S. Patent and Trademark Office granted Apple nearly three dozen patents on Tuesday related to the camera system, dating back to filings from 2012. According to the publication, the patents specifically note "weaknesses" in GoPro's devices.
Apple declined to comment on the patents. Reps for GoPro did not immediately respond to our request for comment.
When GoPro first filed to go public last May, the company highlighted a number of risk factors including the fact that "substantially all" of its revenue came from video camera devices, which could face competition from any number of device manufacturers including companies like Apple.
Some analysts were quick to point out on Tuesday the significantly detrimental impact Apple's plans could have on GoPro.
"I think that it will have about the same impact on GoPro as the iPhone has had on camera makers and that impact is that there are fewer cameras sold but the number isn't zero," Michael Paachter, an analyst with Wedbush Securities, told Reuters.
That said, it is worth remembering that Apple patents many, many ideas that it never actually pursues.
GoPro stock has dipped in recent days, but it ended the day at just shy of $50, more than double its IPO price from June.