GoPro cuts more than 250 jobs, drops Karma drone business
GoPro cuts more than 250 jobs, drops Karma drone business
A Go Pro Hero 3+ camera is seen at the Nasdaq Market Site before before Go Pro Inc's IPO in New York City
11 January, 2018, 09:19
Among the changes, the company announced that they will be reducing their global workforce "to fewer than 1,000 employees worldwide" and that Nicholas Woodman, GoPro founder, and CEO, "will reduce his 2018 cash compensation to $1". The latest job cuts will reduce GoPro's workforce to less than 1,000, down from about 1,500 at the end of 2016.
It did say, however, the restructuring plans announced today will result in a $23 million-$33 million (€19 milion-€28 million) hit to first-quarter results.
GoPro will discontinue its Karma drone and exit the category.
Additionally, GoPro said it is pulling the plug on its Karma drone business after more than a year of false starts, product stumbles and disappointing sales. After trading resumed, the shares fell further, and the stock was down 30 percent by 10AM. The company went public at $24 a share in June 2014.
Apparently GoPro has hired J.P. Morgan Chase to explore a potential sale of the company.
According to CNBC, no sale can be assured, and it's unclear whether anyone has made an offer to buy GoPro.
The company said it saw lower than expected revenue in the fourth quarter of 2017.
"If there are opportunities for us to scale awareness of GoPro globally by being part of a bigger company, that's something that we would entertain", CEO Nick WoodmantoldCNBC Monday morning.
The company was already forced to announce a price cut on December 10 for its core camera product, the HERO5, due to weak pre-holiday sales. Its new device, the Hero6 Black, has seen a price cut of $100, and you can likely expect more aggressive promotions and new cameras coming soon.
GoPro is exploring a sale after a tumultuous couple of years that included multiple rounds of layoffs, shrinking sales, and a plummeting stock price.
GoPro (NASDAQ:GPRO)'s stock had its "neutral" rating restated by equities research analysts at Wedbush in a research report issued to clients and investors on Tuesday.
And although GoPro's Karmadrone was the number two offering in its price division, the company will exit the "extremely competitive" drone market, it said. Those things - and the GoPro name - helped put Karma into second place in its price band in 2017 behind category leader DJI.
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