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GoPro is putting itself up for sale

11 January 2018

Woodman said sales did improve somewhat after GoPro cut the price of the Hero5 on December 10.

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. Instead, the action camera maker confirmed it's ending Karma production and will cut almost 300 jobs, or more than 20% of its global workforce.

In addition to grounding their drones, GoPro also announced that they would be cutting their current 1,254 strong workforce to less than 1,000.

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The San Mateo, California, company will also stop making aerial drones, citing tough competition and regulations.

Shares of GoPro tumbled 21 per cent to $5.94 at 11:30 NY and earlier fell as low as $5.04, the most since the IPO. The reason behind the shutting down of the drone division is that the Karma, its ill-fated first drone, failed to sell. GoPro also said that would kill its Karma drone business amid poor sales and a glitch that caused the device to shut down in mid-flight and led to a recall after it debuted in late 2016.

The company said its Karma drone, which cost about $800 without a camera or about $1,100 with a camera, was the second-largest seller in its price range.

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Earlier today, CEO Nick Woodman told CNBC GoPro it would look at opportunities to "unite with a bigger parent company".

Why the sudden sharp turn left in confidence for a bull who knew to abandon the action camera maker even before these rocky results made their way through the Wall Street grapevine? Now, the company says that it will focus on innovations in the core product lines.

According to Woodman, GoPro's new hardware and software plans, coupled with lower operation expenses should allow the company to be profitable again. The investment bank was one of the underwriters for GoPro's 2014 initial public offering. It's worth noting that Canon Inc (ADR) (NYSE: CAJ) was reported Friday to be pursuing $3.53 billion in acquisitions over the next three years.

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GoPro is putting itself up for sale