Economy

GoPro announces layoffs and end of drone business

GoPro announces layoffs and end of drone business

It will exit the market after selling its remaining inventory and continue to service existing drones.

GoPro's current market value of $980 million is down about 70 percent from when it listed in its June 2014 IPO - an offering that was led by JPMorgan.

GoPro announced Monday it would eliminate its Karma drone business and lay off 20 percent of its workforce.

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The San Mateo-based company had 1,254 employees at the end of September.

Shares of GoPro plunged Monday after the announcement. GoPro put the Karma back on sale in February 2017. Unfortunately, the drone was eventually recalled in November of the same year, as some of the units lost power, during operations and fell from the sky.

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GoPro has been struggling financially for several years, and was counting on the Karma and the drone business to help them retain market share. "Karma was priced significantly higher than the competition, and the GoPro brand wasn't enough for consumers to justify the higher price".

GoPro is now also facing financial trouble, with the company laying off staff and reducing the salary of CEO Nicholas Woodman, to $1.

GoPro has hired J.P. Morgan Chase to help it seek a potential sale, according to people familiar with the matter.

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Preliminary results show the company had fourth quarter revenue of $340 million, down $200 million, or 37% from what it reported in the fourth quarter a year earlier. Wall Street analysts had earlier forecast GoPro to report sales of $472 million for the quarter. GoPro has also cut the price of the Hero6 Black camera from $499 to $399 to improve sales.