GoPro Has Given Up On Drones

GoPro Has Given Up On Drones

The company's shares, which earlier dropped as much as 33 percent, pared some losses after the report, declining 11 percent to $6.67 at 1:55 p.m.in NY.

GoPro announced Monday it would eliminate its Karma drone business and lay off 20 percent of its workforce.

The company also said Monday that its HERO5 Black camera didn't sell as expected in the early days of the holiday season, forcing it to cut prices in December, and subsequently release a lower guidance for the quarter.

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For the forth quarter of 2017, the company expects revenues of about United States dollars 340 million. "There's significant demand for GoPro at the right price", Woodman said. The camera-maker cited intense competition and future problems as the reason why it's not going to make more drones after the Karma, its ill-fated first drone, failed to sell. GoPro will exit the aerial market after selling its remaining Karma inventory. The company hired J.P. Morgan Chase "some months back" in the hope of finding a potential buyer, CNBC's sources claim, the same bank which assisted GoPro in helping underwrite its IPO back in 2014.

"GoPro is committed to turning our business around in 2018", Woodman said in the statement.

GoPro, whose cameras and drones are mostly used by sports fans and travel enthusiasts, also cut the price of its Hero6 cameras to $399 from $499. GoPro expects revenue to come in at just $340 million, a 37% year-over-year decline. CEO Nick Woodman, speaking to CNBC, commented on the company's plans: "If there are opportunities for us to unite with a bigger parent company to scale GoPro even bigger, that is something that we would look at". GoPro did acknowledge that the product "faces margin challenges in an extremely competitive aerial market".

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However, it appears clear the efforts to stop companies like DJI muscling in on its turf, have failed.

For now, the company appears to be doubling down on the one thing it does know how to do: make small action cameras.

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