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GoPro Quits Drone Market & Cuts Jobs

GoPro Quits Drone Market & Cuts Jobs

Early today GoPro announced lay offs of up to 300 people and the company's exit from the drone business.

It is also cutting its workforce by more than 20 percent to fewer than 1,000 employees. An unsuccessful attempt at the drone business also hurt the company's bottom line.

"GoPro is committed to turning our business around in 2018", the founder and CEO says.

Shares of GoPro tumbled 21 per cent to $5.94 at 11:30 a.m.in NY and earlier fell as low as $5.04, the most since the IPO. CEO Nick Woodman is chopping his cash compensation in 2018 to a single dollar on the heels of a season that saw the HERO5 Black's debut see "soft demand". Following the completion of the transaction, the director now directly owns 99,459 shares of the company's stock, valued at approximately $793,682.82. That shaved $80 million from expected fourth quarter revenue, which the company now estimates will total $340 million, falling short of the $472 million expected by analysts.

"With that said, if there were any opportunity for GoPro to partner up with a larger organization that could help us scale the company, scale our brand and reach to consumers, then that's certainly something that we would consider".

GoPro is exploring a sale after a tumultuous couple of years that included multiple rounds of layoffs, shrinking sales, and a plummeting stock price.

Various news sources started reporting that the sports camera manufacturer had hired JP Morgan to assist with a sale process.

GoPro (NASDAQ:GPRO)'s stock had its "sell" rating reiterated by analysts at Dougherty & Co in a research report issued to clients and investors on Tuesday, Marketbeat.com reports. Wittine points out a quote that stands out from his conversations is a supply chain contact looking for a year of more challenges lying ahead for GoPro.

When GoPro launched the Karma, its first drone designed for the company's cameras, in September 2016, it was already facing an uphill battle after production delays and a market dominated by drone maker DJI.

In an announcement to the market, the company said it has lowered the price of its premium model, HERO6 Black, from $US499 to $US399 "to align with its good, better, best product strategy".


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