UPDATE 3-GoPro considering selling itself, hires J.P. Morgan - source

(Adds co exploring sale, updates share move)

Jan 8 (Reuters) - GoPro Inc is considering selling itself and has hired J.P. Morgan to help it with the process, a source familiar with the matter told Reuters on Monday.

Earlier in the day, the company lowered its fourth-quarter revenue on weak demand for cameras in the holiday season and announced its plan to exit the drone business.

Shares of the action camera maker, which fell as much as 33 percent to a record low of $5.04, recouped some of their losses after the sale talks were first reported by CNBC.

"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," Chief Executive Nick Woodman told CNBC.

GoPro could not immediately be reached for comment. J.P. Morgan declined to comment.

The company, once a Wall Street favorite, has seen a decline in demand for its cameras and Karma drones for several quarters, and plans to cut more than 250 jobs as it restructures. (Reporting by Laharee Chatterjee in Bengaluru and Greg Roumeliotis; Editing by Savio D'Souza, Bernard Orr)