GoPro announced it would cut approximately 15 percent of its workforce in a restructuring plan aimed at reducing operating expenses, anticipating charges between $5 million to $7 million.
The layoffs, affecting around 139 jobs, are set to begin in the third quarter of 2024 and will conclude by the end of that year. The company’s shares rose by 1.5 percent after this announcement.
In the second quarter, GoPro reported revenue of $186 million, showing a decline of 22.7 percent year-over-year, while operating expenses rose by five percent to $103 million.
The US International Trade Commission is investigating GoPro's allegations of patent violations by the Chinese firm Arashi Vision, which is accused of importing similar camera products into the US.
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