GoPro CEO prompts takeover rumours after sales drop

Last Monday, shares of GoPro dropped by 20 percent. However, it partially recovered after the camera company said that it would consider selling up to a new owner.

The tech firm is listed in Nasdaq. It is known for its durable miniature cameras that are suitable for filming outdoor activities. It reported a decrease in sales over the weekend, and it said that it planned to reduce its workforce. The company also plans to exit the hugely competitive drone market.

Nicholas Woodman, the CEO of GoPro informed CNBC: “If there are opportunities for us to unite with a bigger parent company to scale GoPro even bigger, that is something that we would look at.”

The shares of the company dropped by nearly a quarter after the firm announced that its sales fell by 40 percent during the fourth quarter of last year. However, the possibility of a sale resulted in a modest recovery, and the stock was down by more than 12.5 percent at the end of trading.

As the company said that it would be making around 250 of its employees redundant, Woodman announced that he would take only $1 in pay for this year as compared to about $800,000 (£590,000) plus bonuses last 2016.