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GoPro Announces 4 Percent Job Cuts And Office Space Reduction

By Nithya Bose in Business News, posted March 27, 2024

GoPro is to cut its global workforce by about four percent and reduce office space as part of cost-saving measures.

The company did not specify the exact number of employees impacted.

With a staff count of 930 as of the end of December, based on a recent filing with the Securities and Exchange Commission, the layoffs will likely affect a relatively small number of employees.

The company expects to incur around $2 million in costs due to the layoffs during the first quarter.

The office space reduction would result in a $3.3 million charge in the same period.

Further expenses of $2.2 million are projected until January 2027.

These restructuring costs are expected to be largely accounted for in GoPro's first-quarter financial results, scheduled for release on May 9.

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This move follows declining revenues for GoPro over the last six quarters.

It includes a recent quarterly loss of $2 million.

This is in contrast to a profit of $3 million in the same quarter the previous year.

Founder and CEO Nicholas Woodman said GoPro plans to introduce new products, expand its retail presence, and ramp up marketing efforts to boost brand awareness and demand.

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