The company, whose products are popular among adrenaline-lovers, is leaving the drone business
Wearable camera manufacturer, GoPro, is cutting 250 jobs and paying its founder and CEO just $1 in cash compensation this year.
Nick Woodman’s new salary pales in comparison to his salary of $800,000 and a performance-related cash bonus of $300,000 in 2016.
The company, which produced wearable cameras used by adrenaline-lovers, has battled perceptions that it was a one-trick pony with niche appeal, Forbes reported.
GoPro’s prices have lost a fifth of their value over the past 12 months and the company has had difficulty selling its cameras and drones over the holidays even on a discount.
The company said the job cuts will be in the drone business, which it described as an extremely competitive market with tough margins and a hostile regulatory environment.
Expected revenue of $340 million during the fourth quarter is sharply lower than the $460 million to $480 million previously estimated. GoPro also said it doesn't expect to return to profitability until the second half of 2018, Forbes said.
Woodman, who once ranked among the world's richest people, has seen his fortune fall along with the company's stock price.
The company however said it is committed to innovation and will introduce new products this year, all geared toward new and existing customers.
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