GoPro experienced a rough quarter as it reported a decline in its sales for the third quarter of the year. The company also slashed its outlook for the entire year.

GoPro suffered a loss during the quarter. However, the company's CEO Nicholas Woodman had expressed optimism for the coming quarters.

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The specialty camera maker reported its third quarter revenue at $240.6 million, down from $400 million in the same quarter a year earlier. It also suffered a quarterly loss of $104 million. The company has slashed its outlook for the financial year. GoPro is looking to post an annual revenue in the range of $1.35 billion to $1.5 billion, down from its previous expectations of revenue between $1.25 billion and $1.3 billion.

However, Woodman said that the company is looking forward to reclaim profitability in 2017. He said that the new products would help GoPro to trim its losses and attain profitability. Woodman attributed the company's third quarter loss to fewer camera and drone launches due to production issues. He said that the issues are likely to continue and affect holiday season numbers as well.

GoPro's third quarter turned out to be the fourth-straight quarter that the company has experienced a decline in its revenue. Woodman said that the company expects to see double-digit revenue growth in the coming year. GoPro's annual operating expenses are likely to be at $650 million. The company expects the launch of its highly anticipated Hero5 camera and Karma Drone to give a boost to its profitability.