"Aerial Market Untenable": No More GoPro Drones

GoPro Captures Downgrade Ahead Of CES Company Guides Lower Cuts Workforce

In the company's fourth quarter 2017 results announcement, it said it will discontinue its Karma drone and exit the category. In November 2016, GoPro eliminated 15 percent of its workforce in an attempt to cut costs and turn the company around financially.

GoPro's fortunes have become so dire that it is even open to the idea of getting sold to another company. The company has officially announced that it has stopped making the drone and will exit the drone market.

In analysts note sent to investors on Monday morning, expert analysts at Longbow Research's equities research division downgraded the rating for GoPro (NASDAQ:GPRO) shares from the previous "Buy" to a "Neutral". The investment bank was one of the underwriters for GoPro's 2014 initial public offering. They rose from the lows through the trading session and got an additional lift after CNBC reported the company has hired JPMorgan to help with a possible sale.

Price protection is the money that GoPro has to refund to retailers who purchase cameras at a higher price, whenever the company lowers the suggested retail price, as it did for the Hero5 camera, launched in 2016. Woodman told CNBC that he would consider a sale or partnership with another company, though no names were mentioned. GoPro said it expects sales for the quarter ending December 31 to be $340 million, a 37 percent decline from the same period a year ago.

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GoPro CEO Nick Woodman introduces the new foldable Karma drone during a press event in Olympic Valley, California on September 19, 2016.

GoPro's HERO5 camera line-up significantly underperformed during the holiday quarter, and the company ended up slashing $100 off the price to generate sales. It's still early, but you can bet we'll start seeing analysts weigh in on companies that might buy GoPro by issuing their own lists of suggestions.

"Although Karma reached the #2 market position in its price band in 2017, the product faces margin challenges in an extremely competitive aerial market", says the GoPro statement.

The action-camera maker slashed Woodman's cash compensation for this year to $1, according to a regulatory filing Monday, when San Mateo, California-based GoPro trimmed its fourth-quarter revenue forecast and announced it will cut more than 20 per cent of its workforce.

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