GoPro to Cut 15 Percent of Workforce in Restructuring Push

Action camera maker GoPro said on Monday it would cut about 15 percent of its workforce this year, as part of a restructuring plan to reduce operating expenses.

The company expects to take charges in the range of $5 million (roughly Rs. 41.8 lakh) to $7 million (roughly Rs. 58.6 lakh) for the restructuring plan, with cash expenses of $1 million (roughly Rs. 8.3 crore) to be recognised in the third quarter and about $4 million (roughly Rs. 33.5 lakh) to $6 million (roughly Rs. 50.2 crore) in the fourth quarter of 2024.

The layoffs - around 139 jobs - are expected to begin in the third quarter and would be completed by the end of 2024.

Shares of the company, which had 925 full-time employees at the end of the second quarter ended June 30, were up 1.5 percent after the layoffs were announced.

Earlier this month, GoPro reported revenue of $186 million (roughly Rs. 1,558 crore) for second quarter, down 22.7 percent compared to last year and operating expenses of $103 million (roughly Rs. 103 million), an increase of five percent from a year ago.

The US International Trade Commission said in May it was launching a probe into GoPro's claims that patents for its cameras, systems and accessories were being violated by Chinese firm Arashi Vision as the company imported similar products into the United States. 

© Thomson Reuters 2024

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