GoPro, which left its mark on action cameras for a period, announced that it is restructuring its operations. In this context, a certain part of the company was laid off. There will also be some changes in production and engineering work.
GoPro fired 15 percent of the company
GoPro announced a restructuring aimed at reducing costs. Accordingly, the company parted ways with 15 percent of its workforce. It announced that it plans to lay off about 140 people. The layoffs will begin in the third quarter of this year and will be phased in until the end of next year.
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GoPro said the layoffs will result in restructuring costs of between $5 million and $7 million. Most of these costs will be reported in the fourth quarter of 2024. So the company’s profits will continue to decline.
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As part of the layoffs, GoPro aims to reduce operating expenses by about 50 million dollars. The action camera giant stated in the second quarter reports of this year that it targeted operating costs of 320 million dollars.
GoPro was actually quite affected by the decline in sales in the action camera market. In the second quarter, sales decreased by 22 percent to 186 million dollars. In addition, operating expenses increased by 5 percent to 103 million dollars.
The company wants to carry out the restructuring initiative without affecting operations or new product development. In this context, it also needs to follow competitors such as Insta360 and DJI.
