GoPro confirms layoffs, exit from drone business

09 Enero, 2018, 01:21 | Author: Arnold Perez
  • A Go Pro device featuring 16 cameras to be used with Google's

In the company's fourth quarter 2017 results announcement, it said it will discontinue its Karma drone and exit the category. "Despite significant marketing support, we found consumers were reluctant to purchase HERO5 Black at the same price it launched at one year earlier", reads GoPro's press release. GoPro cut the price on December 10, which helped sell-through at the expense of margins.

Shares in GoPro dropped more than 20 per cent today, but partially recovered after the camera company said it would consider selling up to a new owner. The premium model now goes for $399, down from $499.

GoPro is getting out of the drone business.

"Although Karma reached the #2 market position in its price band in 2017, the product faces margin challenges in an extremely competitive aerial market", says the GoPro statement. GoPro has also cut the price of the Hero6 Black camera from $499 to $399 to improve sales.

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GoPro has faced intensifying competition in the action camera market, as big tech companies from Samsung Electronics to Google have started selling similar products. GoPro said that new regulations being considered in the USA and Europe would reduce the overall market for recreational drones. The current workforce of 1,254 employees will be whittled down to fewer than 1,000.

News broke Monday afternoon that GoPro has hired JPMorgan to explore a possible sale.

While GoPro's stock came under serious pressure on Monday, there was one clear victor in its investor base: traders betting against the company.

According to CNBC, CEO Nick Woodman is considering a partnership or sale of his company, and has paid for the services of J.P. Morgan Chase to help facilitate it. Its holiday results were downright very bad, and its disastrous attempt to enter the drone market is the kind of mistake that well-run companies seldom make.

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