GoPro quits the drone business
GoPro has announced that it’s exiting the drone business, citing the challenges of turning a profit in an “extremely competitive” market. The company revealed the news during its earnings report today, saying that its Karma drone would be the last it would make. The company is also laying off hundreds of staff and reducing the pay of CEO Nicholas Woodman to $1 as it struggles with rocky financials.
The $799 Karma drone was first unveiled in late 2016, but proved to be an unfinished and expensive product. All Karma units were recalled in November that year after a fault was found that caused the aircraft to lose power, and reviewers compared the drone unfavorably to rival products by companies like DJI. GoPro subsequently lost $373...