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GoPro is considering a sale of the company

By Cookie Monster - on 9 Jan 2018, 9:29am

GoPro is considering a sale of the company

The GoPro Fusion.

Days after confirming that it would be laying off up to 300 staff, GoPro confirmed in an email statement to Reuters that it is open to a sale of the company although it is not active pursuing that path yet. 

The email statement came after several media publications reported that GoPro had hired J.P. Morgan to help with a sale process. 

“We’ve always been clear that we are open to any opportunity that will help us scale our mission. JP Morgan is our banker, but there is no active engagement to sell,” GoPro said in emailed comments to Reuters.

“It is our responsibility to scale the business, so if the right opportunity presented itself, it’s something we would consider,” it added.

GoPro lowered its fourth-quarter revenue forecast due to weak demand for its camera devices in the  holiday season. It also announced a plan to exit the drone business after selling the existing Karma stocks. It also cut the retail price of the Hero6 Black camera from S$750 to S$595

Source: Reuters