Action camera maker GoPro cuts 15% of staff to save $50 million in 2024

Action camera maker GoPro has announced that it will cut 15% of its workforce, affecting around 139 employees. This is part of the company's plan to save $50 million in fiscal year 2024.

Here's What We Know

The company's board of directors has approved a restructuring plan that includes a 15% reduction in staff. At the end of the second quarter, the company employed 925 people, and the reduction will begin in the third quarter.

GoPro shares rose 1.5% after the announcement.

In the second quarter, the company reported a 22.7% decline in revenue to $186 million and a 5% increase in operating expenses to $103 million. In May of this year, the US launched an investigation into the infringement of GoPro patents by Chinese firm Arashi Vision.

The cuts are expected to be completed by the end of the year.

GoPro expects restructuring costs to be between $5 million and $7 million, mostly in the fourth quarter of the fiscal year ending 31 December.

The company has previously announced a 4% reduction in staff and a reduction in office space to cut costs.

Source: Reuters