Just in case you have any doubt about it, let us tell you that GoPro has confirmed it's killing off its drone division and laying off 20 percent of its workforce. Woodman said sales did improve somewhat after GoPro cut the price of the Hero5 on December 10. 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.
GoPro is planning to re-structure through an $80 million cost-cutting program, which will see least 255 employees lose their jobs to achieve a headcount of "fewer than 1,000 employees worldwide".
GoPro also launched their own lineup of drones back in 2016.
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Shares of GoPro tumbled 21 per cent to $5.94 at 11:30 a.m.in NY and earlier fell as low as $5.04, the most since the IPO.
GoPro Chief Executive Officer Nick Woodman became the best-compensated US executive for 2014, when his company went public. While the company had high hopes for the Karma drone, it proved to be a tad on the expensive side and also had a flaw where the drone would lose power while in flight. After $0.09 actual earnings per share reported by GoPro, Inc. for the previous quarter, Wall Street now forecasts 277.78% EPS growth. They also attributed their decision to "a hostile regulatory environment in Europe and the U.S." which they believe "will likely reduce the total addressable market in the years ahead".
GoPro plans to sell its remaining Karma inventory and but did say that they will continue to provide service and support to Karma customers. We're now hearing that the company could be trying to sell itself, but would anyone buy GoPro in its current state?
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Additionally, GoPro said it is pulling the plug on its Karma drone business after more than a year of false starts, product stumbles and disappointing sales. "We entered the new year with strong sell-through and are excited with our hardware and software roadmap". 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.
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