The company said it would reduce its headcount to fewer than 1,000, from 1,254.
Reports also suggest that the sales of the Hero 5 model of GoPro's action cameras did not match up to expectations, so GoPro cut its prices in December and then reduced the price of the Hero 6 from the original £499.99 in January. Now, the company says that it will focus on innovations in the core product lines.
GoPro also launched their own lineup of drones back in 2016.
"Despite significant marketing support, we found consumers were reluctant to purchase HERO5 Black at the same price it launched at one year earlier", said Woodman, adding that the company "is committed to turning our business around in 2018".
Shares of GoPro tumbled 21 per cent to $5.94 at 11:30 a.m.in NY and earlier fell as low as $5.04, the most since the IPO. And now the company is preparing itself for the inevitable as GoPro is thinking about selling itself to someone else, but it wants to stay independent.
Sony Xperia XA2 vs XA2 Ultra: What's the difference?
The Sony Xperia XA2 Ultra boasts a familiar Sony design, which isn't the most exciting out there, but it is at least functional. Quick charging is also supported to give you hours of power with just minutes of charging (requires Quick Charger UCH12W).
'Google Pay' is Here to Rebrand Company's Payment Solutions
It also mentioned that users will see the rebranding move across payments with friends, online retailers and stores. However, I bet you'll continue seeing payment kiosks with the Android Pay branding on them for years to come.
The hottest place on Earth this weekend was a suburb of Sydney
Parts of this plan include a fire ban and an urge for citizens to stay hydrated and sheltered from the sweltering heat. The Penrith observatory recorded a minimum of above 30 degrees Celsius, with humidity as high as 91 percent.
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". Following the completion of the transaction, the director now directly owns 99,459 shares of the company's stock, valued at approximately $793,682.82.
GoPro has reportedly hired J.P Morgan Chase to help the firm get ready for a potential acquisition, according to CNBC. That shaved $80 million from expected fourth quarter revenue, which the company now estimates will total $340 million, falling short of the $472 million expected by analysts.
GoPro also had to slash prices on its cameras to drive more sales, as it faced weak demand for its products during the holiday season. Zacks Investment Research raised GoPro from a "hold" rating to a "buy" rating and set a $12.00 target price for the company in a research report on Wednesday, October 4th. After $3.96 actual earnings per share reported by Lear Corporation for the previous quarter, Wall Street now forecasts 7.83% EPS growth.
Woodman, 42, rocketed to the top of the Bloomberg Pay Index, a ranking of the highest-paid U.S. executives, as GoPro shares soared after its initial public offering, boosting the value of his 2014 equity grant.