GoPro‘s (NASDAQ:GPRO) stock plummeted in early January after the action camera maker reduced its fourth quarter sales forecast, lowered the price of its flagship Hero 6 Black camera, and exited the drone business. The death of GoPro’s drone business was particularly devastating since it was seemingly the company’s best chance to pivot away from the saturated action camera market.
It was also surprising. GoPro claimed during last quarter’s conference call that the Karma was the second best selling drone in the US priced above $1,000, and that it controlled 24% of that market. CEO Nick Woodman also called the Karma “a terrific platform” and declared that GoPro would further its capabilities with “next-generation drone offerings.”
However, those optimistic announcements came in early November, before the holiday shopping season started. Now it seems like desperate Black Friday deals — which bundled the Hero