GoPro Kills Its Karma Drone, Lays Off 250

09 January, 2018, 00:27 | Author: Darnell Patrick
  • REUTERS  Mike Segar

While consumer drone leader DJI makes headlines at this week's CES with new products, GoPro announced Monday it would pull out of the drone business after it sells its remaining stock of Karma drones. The camera maker also confirmed the report of job cuts we heard about last week, but there could be even bigger changes in store for GoPro than just another round of restructuring. Woodman told CNBC that he would consider a sale or partnership with another company, though no names were mentioned.

GoPro is exploring a sale after a tumultuous couple of years that included multiple rounds of layoffs, shrinking sales, and a plummeting stock price. The company's share price plummeted amid the disappointing reports. Some analysts have said that the Hero cameras have become a commodity, and that GoPro's main selling point now is its brand. "These factors make the aerial market untenable", GoPro said. Many of those let go were attached to the company's barely-functioning aerial division, which GoPro announced it was shuttering earlier today. Given the concerns about less expensive alternatives eating away at GoPro's action-camera market share, this price cut is not a good development. "We entered the new year with strong sell-through and are excited with our hardware and software roadmap". A bill making it mandatory for drone owners to register for a national database is expected to be published within months. "We expect that going forward, our roadmap coupled with a lower operating expense model will enable GoPro to return to profitability and growth in the second half of 2018".


It's unclear if there is an interested buyer for the company.

Chief executive officer Nicholas Woodman will reduce his 2018 cash compensation to $1. Its holiday results were downright 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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