The GoPro woes continue with the release of the company's preliminary Q4 2017 earnings. To little surprise, the company announced it will leave the drone market once it sells off its remaining inventory of $799 Karma drones.

"Although Karma reached the #2 market position in its price band in 2017, the product faces margin challenges in an extremely competitive aerial market," the report states. "Furthermore, a hostile regulatory environment in Europe and the United States will likely reduce the total addressable market in the years ahead. These factors make the aerial market untenable and GoPro will exit the market after selling its remaining Karma inventory. GoPro will continue to provide service and support to Karma customers."

While the Karma drone was ultimately popular, it had a rocky launch. After debuting in October 2016, GoPro recalled the drone in November 2016 after a number of them "lost power during operation." The Karma was the company's first (and only) drone, made to leverage the company's action cam expertise in an aerial device to challenge DJI. However, technical difficulties for both users and GoPro, in addition to the company's financial woes, seem to have led to the Karma's demise and GoPro's abandonment of other drone aspirations.

In addition to leaving the drone market, GoPro announced lukewarm numbers for Q4 2017. The company expects its revenue for the last quarter of 2017 to hit $340 million, which is only a slight increase from Q3 2017's revenue of $330 million. The company's CEO Nick Woodman will also reduce his 2018 cash compensation to $1.

The writing was on the wall for the end of the Karma drone since last week when GoPro announced it would chop 200 to 300 jobs, mostly from its aerial division. The cuts are reportedly part of the company's new business restructuring, of which most of the changes are expected to occur in the first quarter of 2018. GoPro also just lowered the price of its Hero6 Black action cam from $499 to $399, despite "expected" sale performance during Q4 2017.