GoPro shares plummet on report it's looking to sell itself amid layoffs, plans to exit drone business (Video)
January 08, 2018 at 15:53 PM EST
Action camera maker GoPro has hired J.P. Morgan to help it potentially sell itself, several news organizations reported Monday, causing the company's shares to drop as much as 28 percent in trading throughout the day. The company is also cutting 20 percent of its workforce, exiting the drone market amid heated competition, and lowering its earnings guidance after a weaker-than-expected holiday sales season.