GoPro cuts jobs and exits drone market

GoPro reported a loss for Q1 2019. The company’s action cameras have been facing increased competition from smartphones and products from competitors including AimCam.

The average selling prices for GoPro’s HERO7 Black camera rose eight percent. The company expects most of its cameras for the US market to be made in Mexico in the second half of 2019.

Quarterly revenue was $243 million, but GoPro reported a net loss of $24 million in Q1 2019 containing losses with job cuts and by exiting its drone business.