GoPro Seeks Buyer as Smartphone Cameras Erode Sales

GoPro hired investment bank Houlihan Lokey on May 13 to explore a sale or merger after losing $81 million in the first quarter of 2026. Retail revenue fell 35% year-over-year as smartphone cameras increasingly replace dedicated action cameras. The company is shifting toward defense and aerospace markets, but the board believes a strategic buyer may better protect shareholder value than independence.