Overview
- The board began a formal review of strategic options, including a sale or merger, with independent financial and legal advisers and no set timeline.
- The decision followed unsolicited approaches that arrived after GoPro hired Oliver Wyman for defense and aerospace consulting.
- GoPro reported first-quarter revenue of $99.07 million, which fell 26% from a year ago but topped analysts' $69.92 million estimate.
- The company posted a loss of $0.35 per share, and hardware sales fell to $72.15 million as subscription and service revenue held at $26.92 million.
- Shares jumped about 22% in after-hours trading to $1.61 as GoPro pointed to its new MISSION 1 pro camera and said its technology, IP, and brand carry untapped value.