It hasn’t been smooth sailing for GoPro, the company that was valued at $3 billion after its 2014 IPO. It continues to struggle with weak revenues and has had to abandon new product plans due to margin issues. The company seems to have prepared itself for the inevitable. GoPro is thinking about selling itself.
GoPro confirmed earlier today that it’s laying off employees from its drone division. The company also confirmed that the Karma drone is going to be its last product from this division. GoPro has bowed out of the drone market.
As of Monday afternoon, the company’s market capitalization has dipped to nearly $1 billion. Its shares were down 19 percent in midday trading after it confirmed reports that about 20 percent of its workforce was being laid off.
GoPro CEO Nick Woodman told CNBC earlier today that the company is willing to consider a sale or partnership with another company even though it plans to stay independent. “If there are opportunities for us to unite with a bigger parent company to scale GoPro even bigger, that is something that we would look at,” he said.
The scribe reports that GoPro has hired J.P. Morgan Chase to seek a potential sale of the company. J.P. Morgan chase also helped underwrite GoPro’s 2014 IPO. It’s not clear right now if there are any suitors for GoPro.
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