Who Will Buy GoPro? Company Said To Explore Sale

11 January, 2018, 09:19 | Author: Jeffery Armstrong
  • GoPro CEO Nick Woodman introduces the new foldable Karma drone during a press event in Olympic Valley California on Sept. 19 2016

As for GoPro team members, this figure will drop from 1,254 to fewer than 1,000 employees worldwide. The camera maker also confirmed the report of job cuts we heard about last week, but there could be even bigger changes in store for GoPro than just another round of restructuring.

"I can confirm that JPMorgan is in fact our banker, but we have not engaged them to help us sell the company", said Woodman. An unsuccessful attempt at the drone business also hurt the company's bottom line.

All the bad news from GoPro slammed the company's shares Monday, as GoPro's stock price fell 21 percent to $5.95.

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Various news sources started reporting that the sports camera manufacturer had hired JP Morgan to assist with a sale process. The company will continue to operate independently if it ends up being acquired by another company, but it isn't clear as to exactly how much GoPro wants for its sale as of yet. Following the completion of the transaction, the director now directly owns 99,459 shares of the company's stock, valued at approximately $793,682.82.

GoPro also had to slash prices on its cameras to drive more sales, as it faced weak demand for its products during the holiday season.

GoPro projected fourth-quarter sales of $340 million, well below the $474 million expected by analysts.

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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.

Woodman said GoPro's results were impacted by several factors, including a reluctance of consumers in November to purchase the company's Hero5 Black camera at the same price it cost when the camera was launched in late 2016. It's worth noting that Canon Inc (ADR) (NYSE: CAJ) was reported Friday to be pursuing $3.53 billion in acquisitions over the next three years.

GoPro (NASDAQ:GPRO)'s stock had its "sell" rating reiterated by analysts at Dougherty & Co in a research report issued to clients and investors on Tuesday, Marketbeat.com reports.

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The versatile actress Anushka Sharma recently tied to knot to Indian skipper Virat Kohli in a hush-hush ceremony in Italy. Those who are trolling Anushka over this have no idea maybe that a year ago Virat hit centuries after centuries.

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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