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.
Intel has announced 802.11ax chipsets for faster Wi-Fi
Any household with lots of devices connected to a central router would benefit from 802.11ax, as well. The first 802.11ax chips should arrive this year, but mass adoption will occur in 2019, he added.
Chelsea's Clarke-Salter completes loan move
Jake Clarke-Salter has made a big impression on his first full day at the Academy of Light, according to Billy Jones. Clarke-Salter has only had one loan tenure prior to the Sunderland deal and it was with Bristol Rovers.
Israel Bans Some Boycotters of Jewish State
American Friends Service Committee, a Quaker group on the list, said it would continue to work for "peace and justice". He called the blacklist "another step in our battle against the incitement and lies spread by the boycott groups".
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.