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Report: GoPro seeks a buyer

Biker using GoPro camera

Wearable camera maker GoPro is seeking a buyer, according to CNBC. The process is being managed by J.P. Morgan, which helped take GoPro public in 2014.

Why it matters: GoPro has become an examplar of the tech mantra that "hardware is hard."

The Silicon Valley company was valued north of $11 billion shortly after its IPO, but has since fallen to around the $1 billion mark. Today it announced 20% layoffs on worse-than-expected holiday sales. It also said that it will exit the drone business.

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