According to Bloomberg, GoPro's CEO Nick Woodman said in a phone interview that Foxconn hasn't made any products for GoPro, since Foxconn's founder and Chairman Terry Gou invested US$200 million (S$250 million) in GoPro two years ago.
Gou is currently not a board director of GoPro. Insiders said that Foxconn and GoPro's enterprise cultures are two different worlds, and Gou's hard-driving character and Woodman's easy-going personality also differ very much. The partnership between Foxconn and GoPro apparently didn't go well due to such differences.
Woodman has discovered that original equipment manufacturers such as Taiwan's Chicony Electronics work fine for GoPro's needs. Before 2011, GoPro had only three R&D specialists, but now their R&D team has grown to over three hundred staff. It's able to develop its own products, and has obtained its own intellectual property rights.
Foxconn's officials said that the company will continue to hold GoPro's shares and to cooperate with the company. Michael Marks, Riverwood Capital's founder, who is also one of GoPro's biggest shareholders, said that Gou was very satisfied with his investment in GoPro and GoPro's management strategy.
GoPro's first financial report, which recorded the company's performance in the second quarter of 2014, indicated that the company's revenues grew 38.1 per cent year-on-year.