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 a competitive environment and a "hostile regulatory environment."
- This strategic shift includes a significant reduction in its global workforce (to under 1,000 employees) and the CEO taking a $1 salary.
- The restructuring is projected to result in $23 million to $33 million in charges, primarily for severance, while GoPro commits to continued support for existing Karma customers.
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