GoPro Says Goodbye To Drones
This is not a joke. I repeat, no jokes ahead. Yes, famous brand GoPro is killing its drone business, slashing 20% of its staff and looking out to sell the company after reporting weak demand for its products. Is that true? Well, we’ll never see the official company reports, that’s for sure. In the meantime, fans will have to look for similar products elsewhere. Drone fans everywhere will have a tough time making sense of this bit of news.
The company had 1,254 employees as of September 30, but CEO Nicholas Woodman is cutting his annual pay to $1. According to official word, the Karma drone was the second best seller in its price range, which would make that product a success. However, a hostile regulatory environment in Europe and the United States coupled with the competitive market has led to this decision.
Don’t go thinking all of this is easy and free of charge; GoPro also said it expects to spend between $23 million and $33 million on restructuring costs, including severance. How’s that for a shocker? What now?