"Aerial Market Untenable": No More GoPro Drones

EnlargeYouTube Go Pro Tutorials

EnlargeYouTube Go Pro Tutorials

Also, GoPro founder and CEO Nicholas Woodman will reduce his 2018 cash compensation to $1.

"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".

In addition to grounding their drones, GoPro also announced that they would be cutting their current 1,254 strong workforce to less than 1,000.

A source told AFP that GoPro hired JPMorgan Chase to advise it on strategic options, including a possible sale. Instead, the action camera maker confirmed it's ending Karma production and will cut almost 300 jobs, or more than 20% of its global workforce. The company went public at $24 a share in June 2014.

"Of course we need to run the business as though we're going to be independent, and we're planning accordingly".

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GoPro's HERO5 camera line-up significantly underperformed during the holiday quarter, and the company ended up slashing $100 off the price to generate sales.

For the three months to the end of December, GoPro said it now expects revenue to come in at $340 million (€284 million), a 37 per cent drop from the prior year period and much worse than the $472 million (€395 million) the market had forecast. Rumors about Apple deciding to buy GoPro have circulated since at least 2015, even appearing as recently as February 2017.

For now, the company seems to be working hard on its action cameras, and we can expect to see some more price cuts on the Hero series.

GoPro released its preliminary fourth quarter 2017 report, which that the company is in tough shape: They are firing hundreds of employees and will also exit the drone market. It's still early, but you can bet we'll start seeing analysts weigh in on companies that might buy GoPro by issuing their own lists of suggestions.

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". Nomura Holdings Inc. raised its position in shares of GoPro by 5.4% in the 2nd quarter. As a result, the company announced that they would be stopping the manufacturing and sale of the Karma drone.

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