GoPro has hired JP Morgan to put itself up for sale

Key Points
  • GoPro CEO Nick Woodman said earlier Monday he would consider a partnership or sale.
  • GoPro said it's cutting more than 20 percent of its global workforce.
  • Its shares fell Monday about 20 percent after weak guidance.
GoPro hires J.P. Morgan to put itself up for sale: Sources

GoPro hired J.P. Morgan Chase some months back to help it seek a potential sale, according to people familiar with the matter.

J.P. Morgan helped underwrite GoPro's initial public offering in 2014. No sale is assured, said the people, who asked not to be named because the discussions are private, and GoPro is not in any active talks with a buyer. It's unclear if there is an interested acquiror for the company. GoPro declined to comment.

GoPro CEO Nick Woodman CNBC earlier Monday that the company would consider a sale or partnership with another company, though it plans to remain 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 said.

Shares of GoPro were down 19 percent in midday trading Monday, after the camera maker said it was laying off about 20 percent of its workforce and lowering guidance after a weak holiday season.

Late last year, GoPro said it would lower prices for its Hero5 Black cameras after weak demand. The company said it expects revenue of about $340 million for the fourth quarter after projecting $470 million for the quarter in November.

— CNBC's Josh Lipton and Michelle Caruso-Cabrera contributed to this report.

WATCH: GoPro stock drops on weak guidance, job cuts

GoPro hiring J.P. Morgan to put itself up for sale, stock drops on weak guidance, job cuts