Drone maker Parrot is laying off 290 people from its drone division, which represents around a third of its employees. The decision to reduce its expenses by laying off employees comes after the company reported $90 million in revenue for Q4, missing its $106 million target.
Parrot has had a difficult time competing in the consumer drone market. DJI, a Chinese company, has a much larger share. It'll begin shifting more of its attention towards commercial drones, a very different market.
The company announced the layoffs in conjunction with its latest quarterly earnings report.
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