GoPro Shares Crash After Company Puts Itself Up For Sale

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.