Action Cameras

Report: GoPro Looking to Sell Itself After Exiting Drone Market

January 8, 2018

According to a report in CNBC, GoPro has hired JP Morgan to help it with a “potential sale” of the company.

In its fourth quarter financial statement, GoPro noted that it was exiting the photo drone market and laying off 300 employees. It has cut the price of its Hero6 action camera by $100 to help spur sales.

This isn’t the first time the action cam maker has been on the ropes.

GoPro hit a brutal stretch of financial losses in late 2015 and 2016, leading to a massive restructuring that saw the company shed 15 percent of its workforce. Earnings fell from $1.6 billion in 2015 to $1.18 billion in 2016. In all, the company lost $373 million in 2016—a performance partially attributed to its restructuring and the disastrous rollout of its Karma drone, which had to be recalled shortly after launch due to the fact that some Karmas had a habit of falling out of the sky.

According to CNBC, no investor or company has yet stepped forward to buy GoPro.