GoPro to Lay Off 15% of Workforce in Price-Reducing Restructuring Amid Income Decline

U.S. motion digital camera maker GoPro mentioned yesterday (August 19) that it’ll lay off about 15 % of its workforce this yr as a part of a restructuring plan to cut back working prices

GoPro plans to spend $5-7 million on the renovation, together with $1 million within the third quarter of 2024 and the remaining $4-6 million within the fourth quarter of 2024.

The layoffs of roughly 139 positions are anticipated to start within the third quarter of 2024 and are anticipated to be accomplished by the top of 2024.

Reuters reported GoPro shares rose 1.5% after the layoffs had been introduced. GoPro had 925 full-time workers on the finish of the second quarter of 2024, which ended June 30.

Earlier this month, GoPro reported income of $186 million for the second quarter of 2024, down 22.7% yr over yr. and working bills of $103 million, up 5% yr over yr.

Final Might, the U.S. Worldwide Commerce Fee opened an investigation into GoPro’s allegations that Chinese language firm Arashi Imaginative and prescient infringed on GoPro’s patents for cameras, methods, and equipment that market the identical product in the USA.

By InfoQuest Information Company (August 20, 2024)

Tag: GoPro, United States, Worker layoffs, GoPro