GoPro to exit the drone business, plans to cut workforce by 20%
11 January, 2018, 09:18 | Author: Tina Rodriquez
"We expect that going forward, our roadmap coupled with a lower operating expense model will enable GoPro to return to profitability and growth in the second half of 2018", said GoPro CEO Nick Woodman. Woodman earlier toldCNBC that the company expected to remain independent, but would consider a sale. They rose from the lows through the trading session and got an additional lift after CNBCreported the company has hired JPMorgan to help with a possible sale. GoPro missed sales by 28.3 percent, cut 2018 guidance and announced a workforce reduction of more than 20 percent. The company went public at $24 a share in June 2014.
GoPro also had to slash prices on its cameras to drive more sales, as it faced weak demand for its products during the holiday season.
One obvious name that has been floated before when it comes to finding buyer for GoPro is Apple. Its new device, the Hero6 Black, has seen a price cut of $100, and you can likely expect more aggressive promotions and new cameras coming soon. Analysts with GBH Insights estimate that tech firms could repatriate as much as $400 billion in cash this year, so any US firm with a large pile of cash stashed overseas would be able to buy GoPro.
GoPro (NASDAQ:GPRO)'s stock had its "neutral" rating restated by equities research analysts at Wedbush in a research report issued to clients and investors on Tuesday.
When GoPro launched the Karma, its first drone designed for the company's cameras, in September 2016, it was already facing an uphill battle after production delays and a market dominated by drone maker DJI.
It's been a volatile day for GoPro stock, which was off by 30% before this buyout rumor, giving short-sellers reason to rejoice. Nomura Holdings Inc. raised its position in shares of GoPro by 5.4% in the 2nd quarter. Short interest averaged $269 million, according to S3 data, and it peaked at $361 million on November 1.
Woodman, 42, rocketed to the top of the Bloomberg Pay Index, a ranking of the highest-paid United States executives, as GoPro shares soared after its initial public offering, boosting the value of his 2014 equity grant. As a result, the company announced that they would be stopping the manufacturing and sale of the Karma drone.
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