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GoPro Might Be Looking To Sell Itself

GoPro Might Be Looking To Sell Itself

While GoPro's stock came under serious pressure on Monday, there was one clear victor in its investor base: traders betting against the company.

GoPro said it's cutting more than 20 per cent of its global workforce and putting an end to its drone business after a disappointing fourth quarter. GoPro also cut some 200 positions in November of 2016.

GoPro said it expects $340 million in Q4 revenue - a slight $10 million bump from its previous quarter.

GoPro Inc. has hired investment bank JPMorgan Chase & Co.to advise on a potential sale of the struggling wearable-camera maker, according to a person familiar with the matter. GoPro said it will exit the business once it sells off its remaining Karma inventory.

"GoPro is committed to turning our business around in 2018", Woodman said in the statement. "We entered the new year with strong sell-through and are excited with our hardware and software roadmap".

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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.

He hoped the actions would return the firm to profitability in the second half of 2018.

FILE - In this Thursday, June 26, 2014, file photo, GoPro CEO Nick Woodman celebrates his company's IPO at the Nasdaq MarketSite in NY.

GoPro said it would continue to provide technical and customer support for those who had already boughts a Karma drone. In the months that GoPro was dealing with the, uh, fallout from the Karma's problems, DJI released two new smaller and cheaper drones that essentially made the Karma obsolete. CEO Nick Woodman, speaking to CNBC, commented on the company's plans: "If there are opportunities for us to unite with a bigger parent company to scale GoPro even bigger, that is something that we would look at". Its holiday results were downright terrible, and its disastrous attempt to enter the drone market is the kind of mistake that well-run companies seldom make.

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