GoPro to lay off 15 percent of workforce as part of restructuring
Action camera maker GoPro announced Monday that it will lay off about 15 percent of its workforce this year as part of a restructuring plan to reduce operating costs.
The company expects to incur costs in the range of $5 million (approximately Rs. 41.8 lakh) to $7 million (approximately Rs. 58.6 lakh) for the restructuring plan, with cash outlays of $1 million (approximately Rs. 8.3 crore) to be recognized in the third quarter and approximately $4 million (approximately Rs. 33.5 lakh) to $6 million (approximately Rs. 50.2 crore) in the fourth quarter of 2024.
The layoffs – approximately 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, rose 1.5 percent after the layoffs were announced.
Earlier this month, GoPro reported second-quarter revenue of $186 million (around Rs 1,558 crore), down 22.7 percent from a year ago, and operating expenses of $103 million (around Rs 103 million), up five percent from a year ago.
The U.S. International Trade Commission said in May that it would open an investigation into GoPro’s claims that Chinese company Arashi Vision infringed on patents covering its cameras, systems and accessories because the company imported similar products into the United States.
© Thomson Reuters 2024
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