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GoPro to Leave Drone Market, Cut Jobs

GoPro to Leave Drone Market, Cut Jobs

GoPro to Leave Drone Market, Cut Jobs

GoPro's shares recovered somewhat after the news of the possible sale, down 11.30% to $6.67 in mid-day trading on Monday.

GoPro announced Monday it would eliminate its Karma drone business and lay off 20 percent of its workforce.

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

GoPro issued a sales warning for its fourth quarter results of $340m (£250m) for the three months to end of December - down 37 per cent on what it previously turned over for the same period a year ago. The camera-maker cited intense competition and future problems as the reason why it's not going to make more drones after the Karma, its ill-fated first drone, failed to sell.

One obvious name that has been floated before when it comes to finding buyer for GoPro is Apple.

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They raked in roughly $45 million in mark-to-market profit as the company's stock plunged as much as 33%, according to data compiled by financial analytics firm S3 Partners.

In the years since its 2014 initial public offering, formerly high-flying GoPro has sharply narrowed its vision and held several rounds of layoffs.

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.

Before U.S. stock markets opened, GoPro said the job cuts would leave the company with less than 1,000 workers, down from its current level of 1,254 employees. Analysts with GBH Insights estimate that tech firms could repatriate as much as $400 billion in cash this year, so any USA firm with a large pile of cash stashed overseas would be able to buy GoPro. He said this morning that short-sellers were slashing their exposure to the company before the holiday season. CNBC also reported GoPro has hired JP Morgan Chase to help it seek a potential sale.

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