GoPro also announced that it will withdraw from the drone business and stop selling Karma drones because of the future regulatory environment and fierce competition.
Nick woodman, founder and CEO of GoPro, announced in a company statement that his cash salary will be reduced to 1 USD in 20 18.
GoPro now estimates that the company's revenue in the fourth quarter of last year was $340 million, less than the estimated $470 million in June last year, with a fluctuation range of1100000.
In an interview with American Consumer News and Business Channel, Woodman said that if there is an opportunity, it can be merged into a larger parent company to expand the scale of GoPro, which is worth considering.
Alex Sherman of the US Consumer News and Business Channel quoted people familiar with the matter as saying that GoPro has hired JPMorgan Chase to find possible sales for them.
GoPro shares fell 30% on Monday, after the company announced that it would close the drone division, completely withdraw from the market, and cut 20% employees and lower the company's sales expectations. By the close of the US stock market, GoPro had fallen by 12.77%.
However, Woodman still said that he did not regret going public. Woodman pointed out that as a listed company, GoPro has attracted worldwide attention and established a strong customer base, especially in its camera and subscription services.
"The market didn't punish us. In fact, they are right, "Woodman said. "As a listed company, our job is to turn customers' favor into company profits, which is what we are concentrating on."