GoPro is planning to re-structure through an $80 million cost-cutting program, which will see least 255 employees lose their jobs to achieve a headcount of "fewer than 1,000 employees worldwide".
GoPro's fortunes have become so dire that it is even open to the idea of getting sold to another company.
In its statement today, GoPro also cited the hard regulatory regimes in the U.S. and Europe as the reason why it doesn't think the drone market will be lucrative in the long term.
"GoPro is committed to turning our business around in 2018", Woodman said alongside the news about the end of Karma.
Following a 25 percent plunge, GoPro Inc (NASDAQ: GPRO) sharply recovered Monday on news that it may be exploring a sale. Woodman told CNBC that he would consider a sale or partnership with another company, though no names were mentioned.
Various news sources started reporting that the sports camera manufacturer had hired JP Morgan to assist with a sale process.
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GoPro's HERO5 camera line-up significantly underperformed during the holiday quarter, and the company ended up slashing $100 off the price to generate sales.
Woodman's 2014 pay totaled $287.2 million, according to the Bloomberg index, which values equity awards as of each company's fiscal year-end.
GoPro stock tanked after this morning's negative earnings preannouncement, but after the report that the company might be seeking a buyer, the shares bounced.
Their fourth-quarter revenue is expected to hit $340 million which, while still impressive, is approximately a 37 percent decline from the same quarter in 2016.
As part of the restructuring plan, Woodman will cut his 2018 cash compensation to $1. It's worth noting that Canon Inc (ADR) (NYSE: CAJ) was reported Friday to be pursuing $3.53 billion in acquisitions over the next three years.
GoPro just announced that it's exiting the drone business and cutting 20% of its workforce, confirming earlier reports of major layoffs in the company's aerial division. Wall Street analysts had earlier forecast GoPro to report sales of $472 million for the quarter. GoPro executed a mass recall, but then came the DJI's Mavic Pro which completely defeated Karma in nearly every aspect, at a lower price point.