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 during its most recent earnings report today 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 dismal financials.
News of the layoffs were first reported late last week, and will be the company’s fourth round of job cuts since 2016. In its earnings report today, the company said that its headcount of 1,254 employees worldwide would be reduced to “fewer than 1,000.”
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