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Ambarella, Weaned Off GoPro Dependence, Shows Further Upside

GoPro (GPRO) is plummeting after yet another disappointing quarter, but investors of action camera chip supplier Ambarella (AMBA) can keep their heads up.

GoPro shares are down about 4% mid-day Friday to $11.45 after reporting a weak Q3 Thursday after the markets close. The actions camera maker missed revenue and earnings per share estimates, posting $240.6 million in revenue and loss of 60 cents per share. Analysts were anticipating $313.4 million in revenue and loss of 35 cents per share.

GoPro, which also missed full-year revenue guidance and fourth-quarter projected revenue, has seen its shares continue to plummet after a series of weak execution with new gadgets. In fact, shares are down about 87% since its record-high of $86.97 in 2014.

While GoPro struggles to turn the corner along with other peers in the gadget sector such as FitBit (FIT) -- FitBit plummeted over 30% after disappointing earnings this week -- GoPro chip supplier Ambarella continues to move onward and upward.

Chipmaker Ambarella, which...