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Electronics Production |
GoPro to trim its workforce by 15%
The action camera maker says in a filing that launching a restructuring plan as it looks to reduce its operating costs. Part of this restructuring plan includes a reduction in headcount of about 15%.
GoPro, Inc. announced in its second-quarter earnings call that it plans to cut its operating expenses by about USD 50 million, aiming to bring them down to around USD 320 million (plus or minus USD 5 million) in fiscal 2025.
The restructuring plan is expected to involve a reduction of about 15% of the company's 925 full-time employees starting in Q3 2024, with most of the cuts expected to be completed by the end of 2024. GoPro says in the filing that it expects the plan to result in a total charge of USD 5 million to USD 7 million.
Approximately USD 1.0 million of the estimated charge will be recognised in the third quarter of 2024 and about USD 4 million to USD 6 million in the fourth quarter of 2024.
