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Image credit: Edgar Alvarez

CNBC: GoPro is putting itself up for sale

The company is believed to have enlisted the help of JPMorgan Chase.
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Edgar Alvarez

Hot on the heels of GoPro announcing plans to fire up to 300 people and pull out of the drone business is the news that the company may put itself up for sale. CNBC is reporting that the action-camera maker has enlisted the services of JPMorgan Chase to help it find a potential buyer. Earlier in the day, the outlet reported that CEO Nick Woodman would "look at" opportunities to "unite with a bigger parent company." At this time, it's not clear if other parties are interested or how much it would cost to swallow the brand.

We've reached out for comment but have yet to hear back from GoPro or any of its representatives. It's possible that the rumor is little more than a fever dream, but the company has seen several loss-making quarters and celebrated a slender $15 million profit in late 2017. Despite the company's return to the black, investors were displeased, and its stock dropped around 10 percent at the time. Since then, its Karma Drone project has been closed down and GoPro was forced to cut the price of its Hero6 Black camera by $100 to spur sales.

Click here to catch up on the latest news from CES 2018.

Source: CNBC, (2)
In this article: cameras, CES2018, gear, GoPro, NickWoodman, Rumor, Sale

After training to be an intellectual property lawyer, Dan abandoned a promising career in financial services to sit at home and play with gadgets. He lives in Norwich, U.K., with his wife, his books and far too many opinions on British TV comedy. One day, if he's very, very lucky, he'll live out his dream to become the executive producer of Doctor Who before retiring to Radio 4.

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