GoPro to Exit Drone Business

Enterprise & IT Jan 8,2018 0

GoPro on Monday said it expects lower fourth-quarter revenue, hit by weaker demand for cameras and plans to exit the drone business.

The company for several quarters, and plans to cut more than 250 jobs as it restructures. It will take charges of $23 million to $33 million in the current first quarter.

The company said the move to exit the drone business will take place after selling the existing Karma inventory.

According to a Reuters report, GoPro is considering selling itself and has hired J.P. Morgan to help it with the process.

GoPro cut the price of its latest Hero6 cameras to $399 from $499. It said the decision would hurt revenue by around $80 million in the fourth quarter.

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