Two years ago, things looked pretty great for GoPro. The world leading maker of rugged action sports cameras had successfully made its stock market debut in June 2014 and by mid-September its stock price had nearly tripled. It seemed like everyone wanted a piece of GoPro and its cool, rapidly growing camera business.
As GoPro’s target group – young and hip action sports enthusiasts – probably knows, there’s rarely a party without a hangover though. And the hangover came with a vengeance for GoPro and its shareholders. After peaking in October 2014, the company’s stock price spent much of 2015 and 2016 in decline, shaving 90 percent off GoPro’s valuation. What had happened? After its early success, the company had struggled to come up with a new hit product and, as competition heated up, its growth came to a screeching halt in late 2015.
Today, GoPro will unveil the GoPro Karma, its first camera drone, in a bid to prove to the world that it’s more than a one-trick pony. The drone will reportedly be capable to follow its owner around on his or her adventures and could prove a welcome addition to the company’s limited product line-up. Whether it can single-handedly carry the company back to its glory days remains to be seen though.