Monday, January 8, 2018

GoPro Abandons Drones, Cuts Employees

San Mateo-based GoPro released preliminary fourth quarter 2017 results on Monday, saying that it is exiting the consumer drone business, and will be cutting at least 254 employees. According to GoPro, it is making an $80M reduction in operation expenses, as it faces soft demand for both its cameras as well as its drones. GoPro called the "aerial market untenable" and said it will exit the market after selling its remaining Karmainventory. GoPro said it will take a charge of $23M to $33M related to the restructuring.