GoPro is not going to make drones anymore

The market is too competitive to earn profits, the company said.
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The market is too competitive to earn profits, the company said.
GoPro is exiting the drones business, saying that the market is “extremely competitive” and turning a profit is becoming difficult.

GoPro is exiting the drones business, saying that the market is “extremely competitive” and turning a profit is becoming difficult.

It seems the drones business isn’t going as well as some expected it to. GoPro is exiting the drones business, saying that the market is “extremely competitive” and turning a profit is becoming difficult. The company made the announcement during its earnings report today, and the GoPro Karma drone will be the last drone made by the company. Nicholas Woodman, CEO of GoPro is going to get reduced pay from now and hundreds of staff is being layed off as well.

The company ended its fourth quarter with $247 million in cash equivalents, which is an increase of $50 million from the third quarter of last year.

“As we noted in our November earnings call, at the start of the holiday quarter we saw soft demand for our HERO5 Black camera. Despite significant marketing support, we found consumers were reluctant to purchase HERO5 Black at the same price it launched at one year earlier. Our December 10 holiday price reduction provided a sharp increase in sell-through,” said GoPro founder and CEO Nicholas Woodman

GoPro unveiled the Karma drone late last year, priced at $799. The company ended its fourth quarter with $247 million in cash equivalents, which is an increase of $50 million from the third quarter of last year.