GoPro stock price is down over 30% this morning after a triple whammy of apparently bad news smashed the 'camera on a stick' company to record lows.
Whammy 1: GoPro says in filing COO Charles Prober is departing the company effective Feb. 16.
Whammy 2: GoPro Inc. said it’s cutting more than 20 percent of its global workforce and putting an end to its drone business after a disappointing fourth quarter.
Whammy 3: The company said it now expects sales of about $340 million, well short of its own previous projection of as much as $480 million and the average analyst estimate of $472 million. Revenue took an $80 million hit due to discounting for its Karma drones, as well as its Hero line of cameras, over the holiday season, the company said.
And the result - Collapse... At today's lows of $5.04, GPRO is down over 94% from its record highs in Oct 2014.
The company remains confident...
“GoPro is committed to turning our business around in 2018,” Woodman said in the statement. “We expect that going forward, our roadmap coupled with a lower operating expense model will enable GoPro to return to profitability and growth in the second half of 2018."
Finally we noted that Chief Executive Officer Nicholas Woodman will reduce his 2018 cash compensation to $1... which could still be too much.