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 exiting the drone market, discontinuing its Karma drone due to margin challenges in a competitive aerial market and a hostile regulatory environment.
- This strategic shift involves a significant workforce reduction (to fewer than 1,000 employees) and an estimated restructuring charge of $23 million to $33 million.
- CEO Nicholas Woodman is taking a pay cut to $1, while GoPro commits to continuing service and support for existing Karma customers.
Key takeaways sponsored by Aviator Pro | Start Your Training ->
See a mistake? Contact us.
