The company also intends to shrink its workforce by laying off about 20 percent of its workforce.
"I can confirm that JPMorgan is in fact our banker, but we have not engaged them to help us sell the company", said Woodman. Following intense competition and low-profit margins, the company is finding it incredibly hard to make its drone business sustainable.
"GoPro is committed to turning our business around in 2018", Woodman said alongside the news about the end of Karma.
After the market digested this news, GoPro's shares plunged to by nearly 30 per cent - to an all-time low of $US5.10 in early morning trade on Monday (New York time). GoPro's founder and chief executive, Nick Woodman, said earlier in the day on CNBC that he was willing to "unite with a bigger parent company to scale GoPro even bigger". Bank of America upped their price objective on shares of GoPro from $8.00 to $9.00 and gave the company an "underperform" rating in a research note on Tuesday, October 31st.
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The disappointing outlook sent shares plummeting almost a third to an all-time low of $5.04 in morning trading Monday.
Woodman confirmed GoPro would remain independent in the case of a sale or partnership.
The company estimated fourth-quarter revenue of $340 million, including an $80 million charge from price cuts.
The company was already forced to announce a price cut on December 10 for its core camera product, the HERO5, due to weak pre-holiday sales. After $3.96 actual earnings per share reported by Lear Corporation for the previous quarter, Wall Street now forecasts 7.83% EPS growth. Wittine points out a quote that stands out from his conversations is a supply chain contact looking for a year of more challenges lying ahead for GoPro. GoPro executed a mass recall, but then came the DJI's Mavic Pro which completely defeated Karma in nearly every aspect, at a lower price point.
GoPro shares fell by a quarter to their lowest on record yesterday after the sports camera maker said it would cut a fifth of its workforce and quit the drone market.