GoPro is laying off about 15% of its workforce, which will affect at least 135 employees as part of a strategy to cut $50 million in expenses.
CFO Brian McGee acknowledged the challenges in 2024 due to project launch delays, declining sales, and foreign exchange fluctuations, indicating a tough path ahead.
Despite a strong performance in 2021 with $371 million in profit, GoPro reported a total loss of about $53 million in 2023 due to various economic pressures.
GoPro's stock has significantly declined, from a peak valuation of over $11 billion in 2014 to around $200 million now, reflecting its financial struggles.
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