GoPro Hero 6 Karma, stock price

In a statement today, GoPro announced that it's killing off its drone division and laying off 20 percent of its workforce. The camera-maker cited intense competition and future problems as the reason why it's not going to make more drones after the Karma, its ill-fated first drone, failed to sell.

The company has lowered the guidance for its next-quarter earnings, and founder and CEO Nick Woodman has reduced his salary to $1 for 2018, according to the statement, although other non-cash compensation remains.

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GoPro shares fell 30% after it announced the end of its drone business, and it could be seeking a buyer originally appeared on on Mon, 8 Jan 2018 at 14:43:38 EDT. Please see our terms for use of feeds.