GoPro is looking to sell the company and CNBC is reporting that it hired JP Morgan to find a buyer. At the time of writing GoPro’s market cap is a hair about $1 billion and its stock price jumped on news the company is looking to sell.
GoPro’s stock price went on a ride today. Just prior to the market opening, GoPro announced its revenue will fall short of expectations and a staff reduction of 20%. GoPro’s stock trading was halted in pre-market sales. Once the market open, the stock price dropped nearly 33% though slightly recovered in the following hours.
With this news, the stock price saw a bit of a jump though it’s still trading well under the previous day close.
It’s unclear who will want to snatch up the camera maker. The company undeniably makes the best action camera on the market and has a meaningful brand, but has so far been unable to make anything out of the two. But if its stock price continues to fall, whoever ends up buying them will likely do so for less than a billion dollars.