GoPro is one of the leading companies in action cameras, the exact kind that is perfect for use with drones, but despite the expertise the company has, it has decided to quit the business of drones.
Citing the challenges of turning a profit in an “extremely competitive” market, the company revealed the news during its earnings report yesterday (Jan 8), saying that its Karma drone would be the last it would make. The company is also laying off hundreds of staff and reducing the pay of CEO Nicholas Woodman to $1 as it struggles to manage its rocky financials.
News of the layoffs was expected and first reported late last week. They’ll be the company’s fourth round of job cuts since 2016, and will reduce its global headcount from 1,254 employees to “fewer than 1,000.” This restructuring will cost tens of millions of dollars, the firm estimates.