GoPro Shares Dip As Apple Patents For a More Efficient Wearable Camera

Apple has been awarded a patent for a wearable camera that, if launched, could give action cameras made by GoPro a hard time. The shares of the action-camera maker GoPro dropped more than 12 percent after the reports of Apple's new patents surfaced.

The patent cited specific weaknesses of GoPro cameras, detailing about a camera system that could be used in situations where presently GoPro cameras are being used. According to the patent, the new camera system can be used under water to take pictures and record sound.

However, as usual, patent doesn't mean a product using the described technology is going to be launched anytime soon.

 "It does not seem to me that launching an action camera accessory is the most logical product extension for Apple to pursue right now," said JMP Securities analyst Alex Gauna.

Personalities like Olympic gold medal winning snow boarder Shaun White and 11-time world champion surfer Kelly Slater have endorsed the cameras made by GoPro.

The patent of the new camera technology was applied by Apple in 2012. The iPhone maker continues to develop sophisticated camera technology that is embedded in its devices and it might not make sense to sell a stand-alone camera as of now.

Apple shares gained 97 cents, closing at $110.22 while GoPro's shares ended down $6.91 to $49.87.