Yesterday, adventure camera maker GoPro announced their preliminary Q4 results — and the numbers were a hell of a lot less pretty than the scenery in their promo videos.
As a result, GoPro stock plummeted by as much as 33%, the biggest drop the company’s ever seen.
Yikes… how bad was this report?
Well, they missed their projected revenue ($470m) by more than $130m, largely thanks to a decision to slash prices on some of their cameras. So, pretty bad.
The company also dropped the news that they’re killing off their entire drone business, just a few months after introducing Karma — a device beleaguered with controversy since it literally dropped out of the sky back in November of 2016.
To adjust, GoPro will cut its staff from 1,250 to less than 1k employees.
It’s been a wild ride fo’ GoPro
Shortly after going public in 2014, the company’s stock hit a high of $98 per share. Since then, shares have continually declined, bottoming out at just $6 yesterday.
Once valued at over $11B, the company is now worth around $1B, thanks to lackluster camera sales, plus swings-and-misses on new products.
Now, according to CNBC, they’ve hired JP Morgan to help them entertain interested buyers: “If there are opportunities for us to unite with a bigger parent company,” said CEO Nick Woodman, “that is something that we would look at.”
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