SAN DIEGO (KGTV) - GoPro announced Monday it would eliminate its Karma drone business and lay off 20 percent of its workforce.
The San Mateo-based company had 1,254 employees at the end of September. GoPro also cut some 200 positions in November of 2016.
Founder and CEO Nicholas Woodman, a U.C. San Diego graduate, also said Monday he would cut his annual pay to $1.
GoPro blamed a hostile regulatory environment in the U.S. and Europe along with an extremely competitive market for the decision to cut drones. The company announced it would leave the business after selling off its remaining Karma inventory.
Shares of GoPro plunged Monday after the announcement.
CNN contributed to this report.