Shares in GoPro dropped more than 20 per cent today, but partially recovered after the camera company said it would consider selling up to a new owner.
The Nasdaq-listed tech firm, which is known for durable miniature cameras suitable for filming outdoor activities, reported a drop in sales yesterday and said it planned to cut its workforce. It also plans to exit the hotly competitive drone market.
CEO Nicholas Woodman told CNBC: “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.”
Read more: Google's creepy "The Circle" camera has sent GoPro shares plunging
Shares fell by almost a quarter after the firm revealed that its sales sank by 40 per cent in the fourth quarter of 2017. But the possibility of a sale prompted a modest recovery and the stock was down over 12.5 per cent at the end of trading.
As the company said it would be making around 250 employees redundant, Woodman announced he would take just $1 in pay for 2018, compared to around $800,000 (£590,000) plus bonuses in 2016.
Read more: Drones are going one step closer to flying passengers to Heathrow
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