The layoffs – around 139 jobs – are expected to begin in the third quarter and be completed by the end of 2024. — Reuters
MEXICO CITY: Action camera maker GoPro says it will 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 US$5mil to US$7mil for the restructuring plan, with cash expenses of US$1mil to be recognised in the third quarter and about US$4mil to US$6mil in the fourth quarter of 2024.
The layoffs – around 139 jobs – are expected to begin in the third quarter and 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% after the layoffs were announced.
Earlier this month, GoPro reported revenue of US$186mil for the second quarter, down 22.7% compared to last year, and operating expenses of US$103mil, an increase of 5% 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. — Reuters
