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Jan 10, 2018 06:05 PM IST | Source: Moneycontrol.com

GoPro lays off hundreds and slashes CEO's salary to just a dollar for 2018

The company has also decided to exit from drone market and has already slashed the prices of several existing devices including cameras to boost sales

Moneycontrol News @moneycontrolcom

Indicating troubled waters, GoPro has laid off hundreds of its workers. The camera making firm's founder Nick Woodman also declared that he will receive only a dollar as compensation this year.

As per a report in Forbes, the decisions and actions of the company point fingers to the flailing fortunes of the tech firm that became a global star after launching its highly reliable action cameras along with its mobile apps and video editing software. Once, a star in the global market, the company, which many doubt was a one-hit wonder is failing to maintain its momentum.

As per reports, the company in the last twelve months alone has lost over a fifth of its value. The company is unlikely to break into profit until the second half of this year forcing it to take severe actions to face the crisis.

In addition, the company has also trimmed down its manpower that could affect at least 250 of its employees across the globe.

The company has also decided to exit from the drone market and has already slashed the prices of several existing devices including cameras to boost sales. "Despite significant marketing support, we found consumers were reluctant to purchase HERO5 Black at the same price it launched at one year earlier," Woodman said in a statement that was quoted in the report before adding that sales increased after the price cut.

However, what is reassuring is the fact that despite challenges that are threatening its very survival, the company that revolutionised adventure photography has reiterated its commitment to innovation and said it plans to introduce several new products in the upcoming days.
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