GoPro (GPRO) Slumps as Nokia (NOK) Makes Move into Virtual Reality Camera Market

GoPro (Nasdaq: GPRO) shares are seeing a little early pressure following news that another competitor has entered one of the company's key growth markets.

Late Tuesday, Nokia (NYSE: NOK) announced OZO, which is the company's first commercially available virtual reality (VR) camera designed and built for professional content creators and the first in a planned portfolio of digital media solutions from Nokia Technologies, the company's advanced technology and licensing business.

In May, GoPro unveiled a ball-shaped mount for six of its cameras as it moved to get into the VR market. The videos are expected to work with headsets like Google's Cardboard, Oculus Rift, and Microsoft's HaloLens.

While the GoPro mount uses six cameras, Nokia said, OZO captures stereoscopic 3D video through eight (8) synchronized global shutter sensors and spatial audio through eight (8) integrated microphones.

Shares of GoPro are down 0.8 percent Wednesday.

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