ACTION camera maker GoPro said on Monday (Aug 19) it would cut about 15 per cent 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$5 million to US$7 million for the restructuring plan, with cash expenses of US$1 million to be recognised in the third quarter and about US$4 million to US$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.
Shares of the company, which had 925 full-time employees at the end of the second quarter ended Jun 30, were up 1.5 per cent after the layoffs were announced.
Earlier this month, GoPro reported revenue of US$186 million for second quarter, down 22.7 per cent compared to last year and operating expenses of US$103 million, an increase of 5 per cent 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
