GoPro's current market value of $980 million is down about 70 percent from when it listed in its June 2014 IPO - an offering that was led by JPMorgan.
GoPro is killing its drone business and slashing 20% of its staff after reporting weak demand for its products. Hostile regulatory environment in Europe and the United States has also weighed upon its decision.
GoPro initially put the Karma on sale in October 2016, but pulled it from the market after just 16 days.
CEO Nicholas Woodman will reduce his 2018 cash compensation to $1. The company's shares, which earlier dropped as much as 33 percent, pared some losses after the report, declining 11 percent to $6.67 at 1:55 p.m.in NY. That followed multiple reports of technical issues, which caused the drones to drop from the sky as they were flying.
Michael Pachter, of Wedbush Securities, said GoPro became a victim of both hubris and desperation as it tried to make a go of it in the drone sector.
GoPro's move into the drone market is coming to an end. "GoPro will continue to provide service and support to Karma customers". The company said it expects revenue of about $340 million for the fourth quarter after projecting $470 million for the quarter in November. The network's 15 live hours a day of business programming in North America (weekdays from 4:00 a.m. - 7:00 p.m. ET) is produced at CNBC's global headquarters in Englewood Cliffs, N.J., and includes reports from CNBC News bureaus worldwide. GoPro said it expects sales for the quarter that ended December 31 to be $340 million, a 37 percent decline from the same period a year ago.
The Nasdaq-listed tech firm, which is known for durable miniature cameras suitable for filming outdoor activities, reported a drop in sales yesterday and said it planned to cut its workforce.