The company has faced weakening sales and the lack of a new, hit product.
Woodman will reduce his 2018 cash compensation to $1, the company said.
The Karma drone was supposed to help turn around GoPro's business when it was introduced in September 2016. Unfortunately, the drone was eventually recalled in November of the same year, as some of the units lost power, during operations and fell from the sky.
GoPro was able to offer something different with the Karma's simple gaming-style controls, folding body and a unique design that let you remove its camera stabilizer to use handheld.
James Franco and Tommy Wiseau: Winning Best Actor for the Worst Movie
That was provided, appropriately enough, by James Franco , Tommy Wiseau and the inside-out making-of tale " The Disaster Artist ". He said to his best friend Greg [Sestero], 'The Golden Globes? "I won the the award, I'm talking", laughed another.
The company announces that they will no longer be producing drones, the report comes from their most recent earnings report. "These factors make the aerial market untenable", GoPro said. Those things - and the GoPro name - helped put Karma into second place in its price band in 2017 behind category leader DJI. "I think they made a strategic error in pursuing entry into such a competitive space, and it proves how hard consumer electronics innovation has become". The network's 15 live hours a day of business programming in North America (weekdays from 4:00 a.m. - 7:00 p.m. ET) is produced at CNBC's global headquarters in Englewood Cliffs, N.J., and includes reports from CNBC News bureaus worldwide.
Along with the job cuts and plans to get out of the drone business, GoPro released preliminary fourth-quarter results, which didn't do anything to inspire investors' confidence.
GoPro says in today's announcement that it expects its fourth quarter revenue to be $340 million, a roughly 37% decline over 2016 levels. GoPro said it expects sales for the quarter that ended December 31 to be $340 million, a 37 percent decline from the same period a year ago. Woodman said sales did improve somewhat after GoPro cut the price of the Hero5 on December 10.