Citing Changing Drone Market, Parrot Reduces Growth Targets

Posted by Betsy Lillian on October 04, 2016 No Comments
Categories : Business Operations

Paris-based consumer drone company Parrot, citing the recent acceleration of the reduction in prices for the mid-end segment of the consumer drone market, has revised its growth targets for the year.

The company, which says its sales have been impacted, is focusing on effectively managing promotional operations to target different segments and regions, as well as continuing to adapt its range of products.

With over EUR 200 million of net cash, Parrot says it is moving forward with its strategy presented at the time of the capital increase at the end of 2015 and is aiming to build a significant and profitable market share on the strongly growing civil drone market.

Under these conditions, the company now expects to record global revenues around EUR 55 million for the third quarter of this year.

However, the company says, the strong seasonality expected for fourth-quarter sales will not make it possible for Parrot to deliver global growth for the full year.

“We are only at the start of the civil drone industry,” comments Henri Seydoux, Parrot’s chairman, CEO and founder. “We are working to build up a unique portfolio of activities in the professional sector while adapting our consumer offering in line with this market’s rapid developments. As the main shareholder and primary contributor to the capital increase in December 2015, I am aiming above all to preserve our development model and roll out a profitable strategy. I am confident in our ability to successfully meet the challenges involved with this new industry.”

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