GoPro quits the drone business and may be looking to sell itself off

While GoPro continues to roll out better and better products, the firm’s financials continue to nose dive.

Now, it appears the top brass at the action cam specialist may be ready to wave the white flag.

Reuters reports the firm is looking to sell itself and has enlisted financial giant J.P. Morgan to assist with the process.

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CEO Nick Woodman told CNBC: “If there are opportunities for us to unite with a bigger parent company to scale GoPro even bigger, that is something that we would look at.”

Karma’s a hitch

The news comes after the firm, whose recent products include the GoPro Hero 6 and the Karma drone, lowered its revenue predictions amid falling sales.

GoPro also announced the Karma drone will be a one-and-done effort with no further products to follow.

The drone had a troubled roll out, leading to it being recalled and withdrawn from sale before the teething problems were remedied.

However, it appears clear the efforts to stop companies like DJI muscling in on its turf, have failed.

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“These factors make the aerial market untenable and GoPro will exit the market after selling its remaining Karma inventory,” GoPro said in a statement. “GoPro will continue to provide service and support to Karma customers.”

It also plans to cut 250 jobs in a large scale restructure designed to resurrect its fortunes.

The firm, once valued at $3 billion following its 2014 IPO, now has a market cap of around $1 billion following a recent pummeling on Wall Street.

Would GoPro be better off in the hands of a wealthy benefactor? Which tech firm do you think would be the right fit? Drop us a line @TrustedReviews on Twitter.