Although GoPro founder and CEO Nicholas Woodman is taking a pay cut down to $1, it won’t be enough to save GoPro’s Karma drone or any of the employees tied to its production. After reducing its global workforce from 1,254 employees to fewer than 1,000 as of September 30, 2017, GoPro has announced that it is done with drones.
GoPro Exits Drone Market
Key Takeaways:
- GoPro is discontinuing its Karma drone and exiting the aerial market due to "margin challenges in an extremely competitive" environment and a "hostile regulatory environment."
- This strategic shift includes a significant global workforce reduction, cutting staff to fewer than 1,000 employees, and an estimated $23 million to $33 million in restructuring charges.
- Despite CEO Nicholas Woodman taking a $1 salary, the company determined the drone market was not a sound business investment, though it will continue to provide service and support to existing Karma customers.
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