"Aerial Market Untenable": No More GoPro Drones

A Go Pro camera is seen on a skier's helmet as he rides down the slopes in the ski resort of Meribel French Alps

A Go Pro camera is seen on a skier's helmet as he rides down the slopes in the ski resort of Meribel French Alps

GoPro CEO Nick Woodman announced the company will no longer make drones, drawing a line under its Karma, which failed to recover from a recall previous year after units were reported to fall from the sky.

The company's shares, which fell as much as 33 per cent to a record low of US$5.04 (RM20.19) yesterday, recouped some of their losses after the sale talks were first reported by CNBC.

"These factors make the aerial market untenable and GoPro will exit the market after selling its remaining Karma inventory", said the company.

"It is our responsibility to scale the business, so if the right opportunity presented itself, it's something we would consider", it added.

Those turtles and iguanas aren't dead. They're just really cold
Temperatures are expected to rise this week, which means that the rescued turtles could be released back into the ocean by Friday. Wildlife officials are asking boaters to be extra vigilant and to avoid areas where large numbers of manatees have gathered.

Shares of GoPro were down 19 percent in midday trading Monday, after the camera maker said it was laying off about 20 percent of its workforce and lowering guidance after a weak holiday season.

JP Morgan declined to comment. Mostly, however, they cited the fierce competition in drone manufacturing as the reason the Karma has failed. Instead, GoPro said narrow margins and a hostile regulatory market in Europe and the US make the drone market "untenable". GoPro has also cut the price of the Hero6 Black camera from $499 to $399 to improve sales.

In an earnings report today, GoPro said that the Karma drone would be the last it would make.

GoPro's reasoning behind the departure stems from what they are calling an "extremely competitive" drone market.

Andy Murray latest big name to pull out of Australian Open 2018
Williams was coy about her plans to defend her title after losing to French Open champion Jelena Ostapenko in Dubai last week. There was optimism after he replaced Novak Djokovic during last week's Mubadala World Tennis Championships .

The move followed weak demand for existing camera models.

The company now expects fourth-quarter revenue of US$340 million, compared with its November projection of US$470 million, plus or minus US$10 million.

CEO Nicholas Woodman will reduce his 2018 cash compensation to $1. It also said it plans to cut more than 250 jobs as it restructures.

GoPro is now also facing financial trouble, with the company laying off staff and reducing the salary of CEO Nicholas Woodman, to $1.

Iran confirms its oil tanker incident, says 30 citizens missing
According to China's Ministry of Transport the tanker, named Sanchi , hit the Chinese ship, CF Crystal , at around 8pm last night. The 274-meter-long oil tanker SANCHI , owned by an Iranian shipping company, was heading to South Korea with its cargo.

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