GoPro Might Be Looking To Sell Itself

GoPro Might Be Looking To Sell Itself

On Monday, investors didn't seem too pleased by the déjà vu, sending GoPro's stock down 32 percent immediately following the company's news release.

GoPro missed sales by 28.3 percent, cut 2018 guidance and announced a workforce reduction of more than 20 percent.

More details regarding GoPro's financials will be shared in the final fourth quarter report scheduled to arrive early next month.

GoPro said the restructuring will set the company back between $23 million and $33 million, much of which will be cash expenditures to cover severance and related costs.

Short-sellers had raked in $45.4 million in mark-to-market profits before the report that the company may be trying to find a buyer.

The drop came after GoPro announced plans to lay off more than 250 employees and exit the drone industry, both in an attempt to return to profitability by the end of 2018.

TN Bus strike: Transport minister appeals employees to join duty
Arguing on behalf of the state government, counsel Vijay Narayan said that a wage agreement had been signed with the workers. The strike, following the failure of talks on wage revision and clearance of pending dues with Transport Minister M.R.

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

In the years since its 2014 initial public offering, formerly high-flying GoPro has sharply narrowed its vision and held several rounds of layoffs.

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 will exit the aerial market after selling its remaining Karma inventory.

Additionally, GoPro said it was pulling out of the aerial drone market despite its Karma drone reaching the #2 market position at its price point in 2017. Later in the day, GoPro CEO Nick Woodman told Bloomberg the company would be open to sale, but isn't actively shopping itself.

However, it appears clear the efforts to stop companies like DJI muscling in on its turf, have failed. The company undeniably makes the best action camera on the market and has a meaningful brand, but has so far been unable to make anything out of the two.

Related Articles

  • Go Bills! Steelers get Titans with Buffalo upset

    Go Bills! Steelers get Titans with Buffalo upset

    Former Boilermaker President Tim Reed is among the fans during tailgate festivities Sunday morning. The game can be seen on CBS and will be broadcast live on WIBX 950.

    Rams' Barron, Cooper active for playoff meeting with Falcons

    The Falcons know they can outscore anyone despite seeing more than a 10-point drop-off in their scoring average from a year ago. In an on-field interview after the game, Matt Ryan laughed when asked how the game had compared to the Falcons' hard season.
    Trump seeks $18 billion to extend border wall over 10 years

    Trump seeks $18 billion to extend border wall over 10 years

    At one point during his campaign, Trump estimated it would cost $10 billion for the entire 2,000-mile border, NBC News reports. The requests complicate already strained negotiations between Republicans and Democrats.
  • Golden Globe awards echo show's theme of empowerment

    Golden Globe awards echo show's theme of empowerment

    Hopefully nobody at the 75th Golden Globes gets as drunk as Kevin from This Is Us , or else we'll be in for a long night. Maisel , about a young housewife in the late '50s, having a go at stand-up comedy after her husband leaves her.
    Sears/Kmart to close 100 stores, including one locally

    Sears/Kmart to close 100 stores, including one locally

    Sears had already been planning to downsize in Orland Park , where it's been an anchor store since the mall opened in 1976. Sears Holdings has struggled financially over the past decade and has greatly reduced the number of stores it operates.
    Fodder scam: Lalu Prasad Yadav gets 3.5 years in jail

    Fodder scam: Lalu Prasad Yadav gets 3.5 years in jail

    Former Bihar Chief Minister Lalu Yadav has been sentenced to three-and-a-half years in jail in connection with the fodder scam . Lalu's son Tejaswwi Yadav, who alleged political vendetta behind the case, stated that his father was not afraid of the verdict.
  • Tesla delivers 100000 cars in 2017

    Tesla delivers 100000 cars in 2017

    This is the second time Tesla has punted on its 5,000-per-week milestone. During the company's third quarter, Tesla manufactured 260 Model 3s.
    Intel CEO sold shares before chip security flaw disclosed

    Intel CEO sold shares before chip security flaw disclosed

    While Intel shares took a hit from yesterday's revelation, they continue to trade higher than where Krzanich sold last November. ArsTechnica added that Intel's current stock is around the same price as when Krzanick sold the company's stock.
    Hector Bellerin salutes Arsenal's fighting spirit in 2-2 draw with Chelsea

    Hector Bellerin salutes Arsenal's fighting spirit in 2-2 draw with Chelsea

    Wenger was speaking after a pulsating and at times controversial 2-2 draw with Chelsea at the Emirates Stadium. Wenger is contesting the FA charge. "It was non-stop football, running up and down", said Bellerin.
  • Pakistan can survive without taking financial assistance from US: Khawaja Asif

    Pakistan can survive without taking financial assistance from US: Khawaja Asif

    He said the war in Afghanistan can not be fought in Pakistan and "we need to find a peaceful solution to the issue". It was in the Pakistani town of Abbottabad where Usama bin Laden hid until U.S.
    Chelsea's lack of goalscoring exposed at Norwich

    Chelsea's lack of goalscoring exposed at Norwich

    The article claimed the club would be afraid of criticism, while Roman Abramovich respects the history the defender has for them. Chelsea must now turn their attention to their EFL Cup semi-final first leg against Arsenal on Wednesday.
    Fire at Home of Roy Moore Accuser Being Investigated for Arson

    Fire at Home of Roy Moore Accuser Being Investigated for Arson

    Johnson and her family are living in a motel while their friends and neighbors help them recover from the blaze. Senate candidate Roy Moore's wife has identified the "Jewish" attorney she referred to at a campaign rally.