GoPro predicts revenue slump and slashes workforce; stock plunges

Camera maker GoPro Inc. is getting out of the drone business, laying off more than 20% of its workforce and losing two executives after predicting a sharp decline in its fourth-quarter revenue and disclosing weak holiday-season demand for its cameras. The disappointing outlook sent shares plummeting nearly 30% to an all-time low of $5.32 in morning trading Monday. The company went public at $24 a share in June 2014. The company announced cost-cutting measures that it said would help it save $80 million. Among them are slashing its global workforce from 1,254 employees to fewer than 1,000; reducing GoPro Chief Executive Nicholas Woodman's cash compensation to $1 (it was $800,000 in 2016); and ending production of its aerial drone, named Karma.