GoPro shares dive as it cuts staff, exits drone market

Go Pro quits the drone business slashes jobs

The company has suffered similar financial problems in recent years with disastrous fourth-quarter earnings in 2015, and a hard initial launch of the Karma drone in 2016.

However, it appears clear the efforts to stop companies like DJI muscling in on its turf, have failed.

GoPro's current market value of $980 million is down about 70 percent from when it listed in its June 2014 IPO - an offering that was led by JPMorgan.

According to CNBC, no sale can be assured, and it's unclear whether anyone has made an offer to buy GoPro. Woodman told CNBC that he would consider a sale or partnership with another company, though no names were mentioned.

"Of course we need to run the business as though we're going to be independent, and we're planning accordingly".

GoPro stock tanked after this morning's negative earnings preannouncement, but after the report that the company might be seeking a buyer, the shares bounced. That shaved $80 million from expected fourth quarter revenue, which the company now estimates will total $340 million, falling short of the $472 million expected by analysts.

Shares of GoPro were down 19 percent in midday trading Monday, after the camera maker said it was laying off about 20 percent of its workforce and lowering guidance after a weak holiday season.

The news comes after word leaked last week that GoPro was about to lay off more than 250 workers from its aerial division.

GoPro's full-year results are expected next month.

In November, Raymond James analyst Tavis McCourt wrote that there hasn't been a noticeable bump from GoPro's newest camera in the Hero line, and it's turning up less in searches and app downloads. It also doesn't have the cash to make an acquisition and probably won't anytime soon. Which tech firm do you think would be the right fit?

GoPro's stock price went on a ride today. The company saw sell-through more than double in the two weeks following the price cut.

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