GoPro to cut 15 per cent of workforce in restructuring push

Action camera maker GoPro (GPRO.O) has announced that it will 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 $5 million to $7 million for the restructuring plan, with cash expenses of $1 million to be recognized in the third quarter and about $4 million to $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 June 30, were up 1.5 per cent after the layoffs were announced.

Earlier this month, GoPro reported revenue of $186 million for second quarter, down 22.7 per cent compared to last year and operating expenses of $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.