NEW YORK – For GoPro, there was nowhere to go but up–literally. Its first drone, dubbed the Karma, hit the market last week, a strategic moonshot aimed at carrying the struggling company beyond the increasingly saturated market for cubic cameras in a plastic case.
Despite its listless efforts to become a media player, GoPro is still a hardware company. Its fortunes rise and fall entirely on whether it has a hot new product. Last year’s attempt, the Hero4 Session, was a miss, and GoPro’s sales and stock-price have wallowed ever since. The company said on Thursday evening that sales fell 40 percent in the quarter ended Sept. 30, to $241 million. The stock fell by 7 percent yesterday in the lead-up to the announcement and plummeted a further 20 percent in after-hours trading.
To read the rest of this story, click on https://www.bloomberg.com/news/articles/2016-11-04/gopro-is-betting-this-slick-drone-will-save-the-day
