GoPro Plunges After Announcing Job Cuts, Revenue Miss

CEO Nicholas Woodman to reduce 2018 cash compensation to $1
Karma drone faced stiff competition, was plagued by problems

Stiff competition and device discounting impacted GoPro’s fourth-quarter. Bloomberg’s Cory Johnson reports.(Source: Bloomberg)

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By Jing Cao

January 8, 2018 at 2:13 PM UTC

Updated on

January 8, 2018 at 3:40 PM UTC

This article is for subscribers only.

GoPro Inc. said it’s cutting more than 20 percent of its global workforce and putting an end to its drone business after a disappointing fourth quarter.

The company said it now expects sales of about $340 million, well short of its own previous projection of as much as $480 million and the average analyst estimate of $472 million. Revenue took an $80 million hit due to discounting for its Karma drones, as well as its Hero line of cameras, over the holiday season, the company said.