GoPro expects revenue slump, slashes workforce

11 January, 2018, 09:18 | Author: Lynne Higgins
  • Drone dealings are done at GoPro

GoPro also announced that Woodman would reduce his 2018 cash compensation to $1.

The disappointing outlook sent shares plummeting almost a third to an all-time low of $5.04 in morning trading Monday. 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.

Management has already hired JPMorgan Chase to facilitate discussions, according to CNBC sources, but whether buyers have yet come forward remains unknown. Shares were down 19 percent in midday trading on Monday after it confirmed reports that about 20 percent of its workforce was leaving. The company was valued at $3 billion after its 2014 IPO, but has continued to struggle with weak revenues.

However, he also said, "Of course, we need to run the business as though we're going to be independent, and we're planning accordingly".

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The company was already forced to announce a price cut on December 10 for its core camera product, the HERO5, due to weak pre-holiday sales.

The company estimated fourth-quarter revenue of $340 million, including an $80 million charge from price cuts. Wittine points out a quote that stands out from his conversations is a supply chain contact looking for a year of more challenges lying ahead for GoPro. Analysts with GBH Insights estimate that tech firms could repatriate as much as $400 billion in cash this year, so any US firm with a large pile of cash stashed overseas would be able to buy GoPro. Wall Street analysts had earlier forecast GoPro to report sales of $472 million for the quarter.

It's been a volatile day for GoPro stock, which was off by 30% before this buyout rumor, giving short-sellers reason to rejoice. GoPro did not talk about how fourth-quarter earnings would be affected. Short interest averaged $269 million, according to S3 data, and it peaked at $361 million on November 1.

In an announcement to the market, the company said it has lowered the price of its premium model, HERO6 Black, from $US499 to $US399 "to align with its good, better, best product strategy". As a result, the company announced that they would be stopping the manufacturing and sale of the Karma drone.

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