GoPro's Slaying Off 15%? Definitely GoPro's Tough Year
After drone crashes, GoPro is slaying 15 off. Also, action camera-maker GoPro is cutting 200 jobs and shutting down some of its services.
According to BBC, it was revealed that its cash reserves had fallen to $106m less than half the amount at the start of the year. GoPro is currently struggling as an action cam specialist, which is why it needed an alternative market. Tho GoPro offer best-in-class image quality, GoPro will probably have missed out on the Christmas shopping season.
Is GoPro down and out the the failure of Karma? https://t.co/7PoXZNSU8S pic.twitter.com/mY9DHmvsMX
— 100TB (@100TB) November 22, 2016
There were several videos of an accident showed the drone driving on to a beach on which people were talking. A problem with the machine is that it caused a number of them to lose power-midflight, which causes them to fall uncontrolled out of the air.
Additionally, GoPro said it will cut abou 200 full-time positions, cancel open positions and shut down its entertainment division as part of the restructing. According to Yahoo, the company announced earlier in November that GoPro was recalling about 2,500 units of its recently launched Karma drone as they found out that some drones were losing actually the power mid-flight.
#ICYMI @GoPro is recalling the Karma #drone after just 16 days on the market via @TechCrunch https://t.co/ph5MURBr0S pic.twitter.com/uO3IXLDSTw — Edoardo Frola (@edofrola) November 22, 2016
Even after new product launches, competition from cheaper devices stifled GoPro's ability to evenly grow sales.