Friday, 22 June, 2018

GoPro cuts more than 250 jobs, drops Karma drone business

EnlargeYouTube Go Pro Tutorials EnlargeYouTube Go Pro Tutorials
Marty Perkins | 11 January, 2018, 09:16

In addition to its earning news, GoPro CEO Nick Woodman told CNBC the company would consider a sale or partnership with another company.

The disappointing outlook sent shares plummeting almost a third to an all-time low of $5.04 in morning trading Monday.

In its preliminary fourth-quarter results released Monday, the maker of action cameras said it was reducing its global workforce to fewer than 1,000 employees from 1,254.

Management has already hired JPMorgan Chase to facilitate discussions, according to CNBC sources, but whether buyers have yet come forward remains unknown.

Reports also suggest that the sales of the Hero 5 model of GoPro's action cameras did not match up to expectations, so GoPro cut its prices in December and then reduced the price of the Hero 6 from the original £499.99 in January.




"Of course we need to run the business as though we're going to be independent, and we're planning accordingly". Rumors about Apple deciding to buy GoPro have circulated since at least 2015, even appearing as recently as February 2017. It's worth noting that Canon Inc (ADR) (NYSE: CAJ) was reported Friday to be pursuing $3.53 billion in acquisitions over the next three years.

The move comes as GoPro looks to return to profitably from its struggling business, although the company's CEO stated earlier on Monday that the company would be interested in a potential merger or acquisition of the firm.

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.

GoPro just announced that it's exiting the drone business and cutting 20% of its workforce, confirming earlier reports of major layoffs in the company's aerial division. GoPro did not talk about how fourth-quarter earnings would be affected. He said this morning that short-sellers were slashing their exposure to the company before the holiday season.

Woodman, 42, rocketed to the top of the Bloomberg Pay Index, a ranking of the highest-paid USA executives, as GoPro shares soared after its initial public offering, boosting the value of his 2014 equity grant. Hopefully they can find a company that will help them.

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