Action camera maker GoPro said on Monday it would cut about 15% 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 to $7 million for the restructuring plan, with cash expenses of $1 million to be recognized in the third quarter and about $4 million to $6 million 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.
(Unravel the complexities of our digital world on The Interface podcast, where business leaders and scientists share insights that shape tomorrow’s innovation. The Interface is also available on YouTube, Apple Podcasts and Spotify.)
Shares of the company, which had 925 full-time employees at the end of the second quarter ended June 30, were up 1.5% after the layoffs were announced.
Earlier this month, GoPro reported revenue of $186 million for second quarter, down 22.7% compared to last year and operating expenses of $103 million, an increase of 5% from a year ago.
The U.S. 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.
Disclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.
