And Wall-Street had their usual knee-jerk reaction which caused this to happen:
Now maybe Apple is prototyping a camera like they prototype a majority of things that may never see the light of day. But Wall Street can behave like a fickle priveleged little child that reacts in ways unimaginable to many. It's pretty serious for a company like GoPro to see their stock tank 12% on an approved patent application by a company that admittedly has lead the way in removing quite a few companies from the Fortune 500 (remember Archos? Palm? Sony Ericsson? Wherehouse Music? the list is long) by the products and services they've created, but it's pretty serious to have such a dramatic drop in a what is admittedly a niche market.
At the same time one has to wonder if GoPro is essentially the modern-modern?-day Flip Video (remember them?), with recent reports from Flickr of Apple being the second most popular camera used on it's service passing Nikon and slowly creeping up to Canon. This isn't necessarily the most scientifically accurate study but, Flickr remains popular no matter what anyone may wish and based on their heavy usage they've come to the stated results.
Maybe Apple will decide to release a camera, maybe they won't (they did call out GoPro in their patent filing so...🐸☕️) and no one will really know until they actually hold an event and tell the world they're releasing a camera in the vein of GoPro only with more features that tie into the iOS and OS X platform, then maybe GoPro and it's board should worry they'll suffer the fate of Flip Video, but a patent filing does not equal a product immediately or inevitably for sale. GoPro should focus on it's products and what they plan to introduce that capitalizes on it's strengths.
Apple filed a patent as they always do, they'll file more, and more will be granted, because tech companies usually file patents as part of a common sense rule.