Just a couple of weeks after we reported on GoPro’s recall of thousands of defective Karma drones and other business problems, now comes word that the company is in the process of cutting more than 200 jobs, or about 15% of its total workforce, amid a sales decline. The company has also decided to shut down its Entertainment division and rededicate itself to its core wearable camera business.
GoPro Inc., the individual sport camera maker who has recently diversified into the drone category, has lately seen their fortunes rise and fall…but mostly fall in the wake of their announcement that it would recall about 2,500 of their recently launched Karma drone. The news sent their stock price into a steep dive of more than 4% of its value.
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GoPro, Inc., the specialty manufacturer of sports-oriented cameras and camcorders, saw its stock plummet 12% in just one day on Tuesday when word leaked out of a new patent awarded to Apple, Inc. that appears to be for a remote control camera system. Although there was no official announcement from Apple about the product, word about the patent and its possible impact on GoPro spread around Wall Street like wildfire.