Monday, 12 November, 2018

GoPro to exit the drone business, plans to cut workforce by 20%

GoPro to exit the drone business, plans to cut workforce by 20% GoPro to exit the drone business, plans to cut workforce by 20%
Judith Alexander | 11 January, 2018, 09:19

Action camera maker GoPro has announced that it's cutting jobs and once all of its current Karama drones have sold, it won't be making any more. "If there are opportunities for us to unite with a bigger parent company to scale GoPro even bigger, that is something that we would look at", Woodman said.

Wittine explains that even with questionable timing, as this month has a real chance to signify a "low point" in the tech company's investor sentiment this year, with the analyst pointing to "multi-prolonged 2018 product cycle" and "cost cut benefits", before tomorrow's investor meeting at the worldwide Consumer Electronics Show (CES), he simply can no longer advise to buy this stock. In November 2016, GoPro eliminated 15 percent of its workforce in an attempt to cut costs and turn the company around financially. In light of the weak sales, it's hard to imagine which companies might buy GoPro, especially since the company also said this morning that it will exit the drone business after unloading the rest of its Karma inventory.

GoPro initially put the Karma on sale in October 2016, but pulled it from the market after multiple reports of technical issues that caused the drones to drop from the sky as they were flying.

GoPro Inc (NASDAQ:GPRO) stock tanked early Monday after the company announced preliminary fourth-quarter results that disappointed the Street.

GoPro hoped its Karma drone would drive growth.

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

While the company will continue to support those customers who purchased its drone product, Karma, company officials said they will no longer be in the drone marketplace.

GoPro has been struggling financially for several years, and was counting on the Karma and the drone business to help them retain market share. Over the last ninety days, insiders have sold 704,907 shares of company stock valued at $6,478,800.

"GoPro is committed to turning our business around in 2018", said Nicholas Woodman.

According to Woodman, GoPro's new hardware and software plans, coupled with lower operation expenses should allow the company to be profitable again.

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