GoPro shares were clobbered on Monday after several developments were revealed that had investors nervous.
The company’s CEO Nick Woodman announced on Monday that he would consider a partnership or a sale of the company.
According to sources familiar with the situation, the company has already hired J.P. Morgan Chase to find a buyer.
The company is also cutting 20% of its global workforce and issued weak financial guidance.
Woodman said to CNBC, “If there are opportunities for us to unite with a bigger parent company to scale GoPro even bigger, that is something that we would look at.”
Shares were down nearly 20% after Wall Street learned about everything going on.
For the fourth quarter, GoPro is expecting revenue of around $340 million. Previously the company had forecast revenue of $470 million.
Disclaimer: We have no position in GoPro Inc. (NASDAQ: GPRO) and have not been compensated for this article.