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 production and exiting the drone market, citing margin challenges in a competitive environment and a hostile regulatory landscape.
- This strategic shift will result in a substantial reduction of its global workforce, including employees tied to drone production, and estimated restructuring charges of $23 million to $33 million, alongside CEO Nicholas Woodman taking a $1 salary.
- GoPro has committed to continuing service and support for existing Karma drone customers despite exiting the market.
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