GoPro says open to sale but not actively pursuing

GoPro CEO Nick Woodman

GoPro will discontinue its Karma drone and exit the category.

"GoPro is committed to turning our business around in 2018", Woodman said in a statement on the company's website.

GoPro Inc would be willing to partner with a larger sector player but is not actively engaged in a sale, the action camera-maker said yesterday, as its shares partly rebounded from earlier heavy losses.

GoPro has hired J.P. Morgan Chase to help it seek a potential sale, according to people familiar with the matter.

"It is our responsibility to scale the business, so if the right opportunity presented itself, it's something we would consider", it added.

In addition to exiting the drone business, the company is laying off 20% of its workforce, or about 250 employees.

JP Morgan declined to comment.

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The company also mentioned that new regulations in both the U.S and Europe would result in a reduction in the total addressable market, in coming years.

Late a year ago, GoPro said it would lower prices for its Hero5 Black cameras after weak demand.

In an earnings report today, GoPro said that the Karma drone would be the last it would make. The company said it expects revenue of about $340 million for the fourth quarter after projecting $470 million for the quarter in November.

Woodman also announced he will reduce his compensation from the company to just $1 in 2018, and confirmed reports that GoPro will reduce its global workforce by almost 20%.

GoPro's reasoning behind the departure stems from what they are calling an "extremely competitive" drone market.

"Cutting costs is a good move, although now it's about if the company can turn this ship around themselves", Daniel Ives, analyst at GBH Insights, said.

CEO Nicholas Woodman will reduce his 2018 cash compensation to $1.

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