What: Shares of GoPro (GPRO -7.43%) continued their rapid downfall in January, dropping 36% according to S&P Capital IQ data, and investors finally got a peak into how bad the fourth quarter would be.

So what: On January 13, management announced preliminary fourth quarter 2015 results, which will show about $435 million in revenue in the quarter. There will also be charges of $21 million for repricing of the HERO4 Session, as well as $30 million to $35 million of costs for inventory and other costs for the product's launch. Cash and equivalents are expected to be about $475 million if investors want a small nugget of good news for the quarter.

Now what: The disastrous HERO4 Session launch and generally weak demand near the end of the year have crushed shares of GoPro, so when earnings come out on Wednesday investors will be looking for even a small morsel of good news. The Karma drone is expected out later this year, and GoPro has been working to expand its software for virtual reality and 360 video, which could usher in a new wave of demand. Any good news on those fronts could be welcome for investors, with most of the bad news from Q4 already priced into the stock.