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GoPro exits drone market and cuts jobs as revenue falls

11 January 2018

Over the last ninety days, insiders have sold 704,907 shares of company stock valued at $6,478,800.

The action camera company has hired J.P. Morgan Chase to help it find a suitor, according to a CNBC report on Monday that cites unnamed sources.

GoPro, while we are sad to see you go, we wish you the best of luck in 2018 and look forward to seeing what 2018 has in store for your company.

Despite these latest failures, Woodman remains upbeat about GoPro's future.

In addition to its earning news, GoPro CEO Nick Woodman told CNBC the company would consider a sale or partnership with another company.

However, he also said, "Of course, we need to run the business as though we're going to be independent, and we're planning accordingly".

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The company's share price plummeted amid the disappointing reports.

The company estimated fourth-quarter revenue of $340 million, including an $80 million charge from price cuts.

To try and right the ship, GoPro is slashing its global workforce from 1,254 employees to fewer than 1,000, a cut of over 250 positions. Apple would certainly have the cash to buy GoPro this year, especially if it repatriates a massive chunk of the cash hoard it has overseas, as most analysts generally expect it to do.

Shares of GoPro were down 19 percent in midday trading, after the camera maker said it was laying off around 20 percent of its workforce.

GoPro (NASDAQ:GPRO)'s stock had its "sell" rating reiterated by analysts at Dougherty & Co in a research report issued to clients and investors on Tuesday, Marketbeat.com reports.

It's been a volatile day for GoPro stock, which was off by 30% before this buyout rumor, giving short-sellers reason to rejoice. After a chat with supply chain contacts on Friday, looking for further "color" on what to expect for the tech player's fourth quarter turnout, the picture is not one that can keep even the former bull's positive sentiment anymore- at least not "with a straight face". Short interest averaged $269 million, according to S3 data, and it peaked at $361 million on November 1. 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. As a result, the company announced that they would be stopping the manufacturing and sale of the Karma drone.

GoPro exits drone market and cuts jobs as revenue falls