GoPro To Layoff Hundreds; Will Look For Buyer

SAN MATEO, CA -- Technology company GoPro confirmed Monday it plans to lay off hundreds of workers. The company, which is based in San Mateo and has an office in Carlsbad, became popular for small cameras that you can strap onto anything or anyone.

The company said it plans to lay off about 200 to 300 workers as it also looks for a potential buyer.

CNBC reported the company hired J.P. Morgan Chase "to help it seek a potential sale, according to people familiar with the matter."

"J.P. Morgan helped underwrite GoPro's initial public offering in 2014. No sale is assured, said the people, who asked not to be named because the discussions are private. It's unclear if there is an interested buyer for the company," CNBC reported.

According to Fortune magazine, "The layoffs highlight GoPro’s ongoing struggle to turn itself around after a turbulent past few years in which its stock has plummeted 91% from a high of $93.70 in Aug 2014 to $7.52 on Friday."

"The company has attempted to expand beyond its core video camera business by creating a media and entertainment unit and making drones. But those efforts have failed to catch on, and the company has implemented multiple rounds of layoffs and shuttered its media business," the magazine reported.

The action camera company was founded in 2002 by Nick Woodman, a UCSD graduate, who said he would also cut his annual salary to $1.

--Photo: Fan Mark Corneau from Denver, NC walks through the pit area recording his experience with four GoPro camera's attached to his helmet before a NASCAR Sprint Cup Series auto race, Sunday, April 17, 2016 in Bristol, Tenn. (AP Photo/Wade Payne)