Shares of GoPro plunged by about 25 percent Monday after it announced it was slashing its workforce and exiting the drone market following disappointing holiday-season sales. The camera and technology company said it would cut its workforce of 1,254 to fewer than a thousand as it projected fourth-quarter sales of $340 million, well below the $474 million expected by analysts.

Midway through the holiday season, GoPro slashed prices on some camera models, which lifted sales but lowered profit margins, said chief executive Nicholas Woodman. GoPro will no longer market drones after it sells off remaining inventory, but will continue to provide services and support to Karma customers, it said. Near 1520 GMT, shares of GoPro were down 25.9 percent at $5.57.

Copyright Agence France-Presse, 2018