GoPro Exiting Drone Market; Laying Off at Least 200 Employees

In its Q4 2017 earning report, GoPro revealed the following stategies for cutting 80 million from its operating expenses:
 

• GoPro is reducing its global workforce from 1,254 employees as of September 30, 2017 to fewer than 1,000 employees worldwide.
• GoPro founder and CEO Nicholas Woodman will reduce his 2018 cash compensation to $1.
• Although Karma reached the #2 market position in its price band in 2017, the product faces margin challenges in an extremely competitive aerial market. Furthermore, a hostile regulatory environment in Europe and the United States will likely reduce the total addressable market in the years ahead. These factors make the aerial market untenable and GoPro will exit the market after selling its remaining Karma inventory. GoPro will continue to provide service and support to Karma customers.

GoPro's only entry into the drone market – the Karma – had a rocky introduction (at best) back in 2016. Soon after the drones hit the shelves, they started hitting the ground [hard] because of a manufacturing defect that led to the aerial crafts losing power mid-flight. The Karma was recalled and eventually re-released, but by then, DJI's Mavic Pro was already dominating the foldable drone market.

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