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GoPro CEO Nick Woodman said Monday that the company would entertain a sale or partnership with another company, but is still planning on staying independent.
"If there are opportunities for us to unite with a bigger parent company to scale GoPro even bigger, that is something that we would look at," Woodman told CNBC.
CNBC's Alex Sherman reports the company has hired J.P. Morgan Chase to help seek a potential sale, according to people familiar with the matter.
Shares of GoPro fell 30 percent Monday after the company announced it was shuttering its drone division, laying off roughly 20 percent of its workforce and lowering guidance on a weak holiday season.
But Woodman told CNBC's "Squawk on the Street " he doesn't regret going public.
As a public company, GoPro has achieved greater global visibility and established a strong customer base for its cameras and subscription service, Woodman said.
"The markets aren't punishing, they're actually accurate," he said. "As a public company it's our job to translate that consumer success into profitability, and that's what we're focused on."
GoPro expects to see profitability in the second half of 2018.
"Of course we need to run the business as though we're going to be independent, and we're planning accordingly," Woodman said.