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GoPro has hired JP Morgan to put itself up for sale

GoPro has hired JP Morgan to put itself up for sale

The company's shares, which earlier dropped as much as 33 percent, pared some losses after the report, declining 11 percent to $6.67 at 1:55 p.m.in NY.

GoPro is killing its drone business and slashing 20 percent of its staff after reporting weak demand for its products on Monday.

GoPro unveiled its much-rumored Karma consumer drone in late 2016 and released it a few months later. Woodman told CNBC that he would consider a sale or partnership with another company, though no names were mentioned.

GoPro's potential sale inspired a mid-day rally in the stock, which plunged earlier on preliminary fourth-quarter figures.




GoPro projected fourth-quarter sales of $340 million, well below the $474 million expected by analysts. A price promise strategy helped improve sales during the holiday period but cost the company dearly with another $80 million in expenses attributed to price protection across all the cameras and the Karma drone. The company's share price plummeted amid the disappointing reports. "These factors make the aerial market untenable", GoPro said. GoPro will sell its remaining Karma drone inventory and continue to provide service and support to existing owners but once the current inventory is gone, it'll be game over for the aerial division. Its new device, the Hero6 Black, has seen a price cut of $100, and you can likely expect more aggressive promotions and new cameras coming soon. "We entered the new year with strong sell-through and are excited with our hardware and software roadmap".

The company also said that Woodman's compensation would drop to $1 during 2018 as it attempts to become profitable in the second half of the year.

FILE - In this Thursday, June 26, 2014, file photo, GoPro CEO Nick Woodman celebrates his company's IPO at the Nasdaq MarketSite in NY.

For now, the company appears to be doubling down on the one thing it does know how to do: make small action cameras.

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