”GoPro Inc. (GPRO) shares plummeted as much as 15 percent today in their steepest decline since August, after Apple Inc. (AAPL) was granted a patent for remote-control camera system,” Peter Burrows reports for Bloomberg.
“Investors are concerned that the patent from Apple, the world’s largest company by valuation, will create products similar to what GoPro offers, said Charlie Anderson, an analyst at Dougherty & Co.,” Burrows reports. “Apple sold more than 270 million units of its various products in fiscal 2014, according to data compiled by Bloomberg.”
“Apple specifically mentions GoPro in its patent application, criticizing GoPro’s HD Hero2 digital cameras for creating ‘excessive wind resistance’ while mounted, and being ‘susceptible to damage’ from vibrations,” David Goldman reports for CNNMoney. The camera discussed in Apple’s patent application could be attached to sports equipment and can even be used to capture underwater images and sounds. Apple even patented a system that allows the camera to be controlled remotely by a smartwatch.”