Action-camera maker GoPro says it will move production of U.S.-bound cameras out of China by the summer over tariff-related concerns.
Companies have been voicing concerns over a looming trade war between China and the U.S. as both countries have been threatening tariffs against one another.
GoPro did not say Monday where production was moving or how much the move would cost.
The San Mateo, California-based company did say that it owns its own manufacturing equipment, so it will only be changing the physical location of where production will take place. Production of international-bound cameras will remain in China.
GoPro shares slipped nearly 2 percent to $4.88 in morning trading.
In the holiday season battle of big-budget family movies, Paramount Pictures' "Sonic the Hedgehog 3" sped past the Walt Disney Co.'s "Mufasa: The Lion King" to take the top spot at the box office ahead of the lucrative Christmas corridor in theaters.
"Sonic the Hedgehog 3" debuted with $62 million in ticket sales over the weekend, according to studio estimates. With strong reviews (86% fresh on Rotten Tomatoes) and a high score from audiences (an "A" on CinemaScore), "Sonic 3" is well positioned to be the top choice in cinemas during the busiest moviegoing period of the year.
It was telling of some wider trends that "Sonic 3" — made for $122 million — bested one of Disney's top properties. Videogame adaptations, once among the most derided movie genres, have emerged as one of the most dependable box office forces in recent years. The two previous "Sonic" movies together grossed more $700 million worldwide and the third installment appears likely to do better than both of them. A fourth "Sonic" movie is already in development.
"Mufasa," however, was humbled in its opening weekend, with its $35 million in domestic ticket sales coming in notably shy of expectations . The photorealistic "Lion King" prequel even opened wider than "Sonic 3," launching on 4,100 theaters and gobbling up most IMAX screens, compared with 3,761 locations for "Sonic 3."
Though "Mufasa's" reviews were poor (56% fresh on Rotten Tomatoes), audiences gave it an "A-" CinemaScore.
"Sonic 3" nearly doubled the haul for "Mufasa," which cost more than $200 million to make. Disney could look to $87.2 million in international sales to help make up the difference. The third "Sonic" will rollout in most overseas markets in the coming weeks.
