GoPro Could Be Up For Sale

GoPro Karma recall

Camera maker GoPro announced Monday that it will be leaving the drone business and laying off at least 250 employees. GoPro executed a mass recall, but then came the DJI's Mavic Pro which completely defeated Karma in nearly every aspect, at a lower price point.

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 global Consumer Electronics Show (CES), he simply can no longer advise to buy this stock. GoPro missed sales by 28.3 percent, cut 2018 guidance and announced a workforce reduction of more than 20 percent.

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In its statement today, GoPro also cited the hard regulatory regimes in the USA and Europe as the reason why it doesn't think the drone market will be lucrative in the long term. "After trading resumed, the shares fell further, and the stock was down 30 percent by 10 am". The reason behind the shutting down of the drone division is that the Karma, its ill-fated first drone, failed to sell.

GoPro will continue to provide service and support to Karma customer but after selling its remaining Karma inventory, they will exit the drone market.

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GoPro's fortunes have become so dire that it is even open to the idea of getting sold to another company. "GoPro is committed to turning our business around in 2018".

GoPro Chief Executive Officer Nick Woodman became the best-compensated USA executive for 2014, when his company went public. Following the completion of the transaction, the director now directly owns 99,459 shares of the company's stock, valued at approximately $793,682.82. They rose from the lows through the trading session and got an additional lift after CNBC reported the company has hired JPMorgan to help with a possible sale.

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For the three months to the end of December, GoPro said it now expects revenue to come in at $340 million (€284 million), a 37 per cent drop from the prior year period and much worse than the $472 million (€395 million) the market had forecast. 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.

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