Action camera maker GoPro is ending its time in the drone market while undergoing restructuring, but it is not actively searching for a buyer.
Following its announcement it would ground efforts in the drone market; a source said that GoPro had hired JPMorgan Chase to search for a buyer. However, GoPro released a statement that said it was no actively searching for a buyer.
A spokesperson for GoPro said that the company has always said openly that it was open to any option that would help scale its mission.
JPMorgan, said the spokesperson, is the company’s banker, but no active engagement exists to sell, and it is the responsibility of the company to scale the business, which means if the right opportunity was to present itself, it would be something the company would consider.
The announcement of cutting an additional 250 from the staff and pulling itself out of the drone market has raised questions about the future of the action camera maker.
In a separate report, Nick Woodman the CEO at GoPro said the company wanted to continue being independent, but would be willing to partner with a bigger organization that would help scale the business.
However, Woodman added that the company was not actively searching for buyers.
Near the end of 2016, GoPro announced that it was starting a restructuring plan, slashing 200 jobs as well as eliminating the company’s entertainment division. The company then cut 270 more jobs last March.
On Monday, in its preliminary results for the fourth quarter, GoPro announced that the company would reduce its overall staff to less than 1,000, equal to a cut of 252 jobs. That means over the last year, over 700 jobs have been lost at GoPro.
While the past year was very difficult for the action camera maker, amidst the jobs cuts, and a recall then discontinuation of the Karma, the business has experienced a few positive moments.
According to its preliminary financials, the 360 camera at GoPro known as the Fusion is enjoying better sales than was expected. A cut in the price of its Hero5 has more than doubled its sales over the holiday, and GoPro did the same with its Hero6.
During the 2017 third quarter, GoPro posted a profit for the first time in the last two years.
In a prepared statement, Woodman announced that with lower expenses from its restructuring together with the businesses’ hardware and software map the company should return to profitability during 2018.