GoPro Cuts 15% Workforce to Save $50M

According to reports, GoPro has announced a significant restructuring initiative, including a 15% reduction in its workforce. This decision is part of the company's plan to reduce its projected operating expenses by approximately $50 million for the fiscal year 2024.

The board of directors has approved the plan, which will commence in the third fiscal quarter. As of the end of the second fiscal quarter, GoPro employed 925 full-time staff members, with the majority of the layoffs expected to be completed by year-end.

The restructuring is anticipated to incur costs between $5 million and $7 million, with the majority of these expenses to be recorded in the fourth fiscal quarter ending December 31. Earlier this year, GoPro had already announced a 4% workforce reduction and a downsizing of office space as part of its broader cost-saving strategy.

GoPro, headquartered in San Mateo, California, was founded in 2002 by Nick Woodman. The company is renowned for its high-definition action cameras tailored for extreme sports and a diverse array of accessories. In addition to its core products, GoPro has explored innovations in drones, mobile applications, and video editing software.