By Leo Kelion
Action camera-maker GoPro is cutting 200 jobs and shutting down some of its services.
In addition, the US company said its president, Anthony Bates, would quit his post at the end of the year after three years in the job.
GoPro said that consumer demand for its products remained “solid”.
However, the company has posted a loss in each of its past four quarters.
At the start of this month it also revealed its cash reserves had fallen to $132m (£106m) – less than half the amount at the start of the year.
“I knew they were in trouble, but I didn’t expect them to have such a dramatic fall from grace,” Tom Morrod, director of consumer electronics at the IHS consultancy, told the BBC.
“The Karma drones were their recover strategy, and when they had to be recalled it faltered. This is the result.