GoPro, the renowned action camera manufacturer company, has announced plans to reduce its workforce by approximately 15 per cent. The move is said to be a part of its broader restructuring efforts aimed at cutting operating costs.
The company’s board of directors has approved this restructuring plan, which will impact around 139 of its 925 full-time employees. The layoffs are scheduled to begin in the third quarter of 2024 and are expected to be completed by the end of the year.
This is GoPro’s second round of job cuts in 2024, following a four per cent reduction in March, when the company also scaled back its global office space. Despite these measures, GoPro’s financial performance for the second quarter showed a 22.7 per cent decline in revenue, dropping to $186 million. Operating expenses rose by five per cent compared to the previous year, reaching $103 million.
In addition to its financial challenges, GoPro is also facing a legal battle. The US International Trade Commission has launched an investigation into the company’s claims that Arashi Vision, a Chinese company, infringed on its camera patents. The investigation will focus on whether Arashi Vision imported products into the United States that violate GoPro’s patented technologies.
These layoffs are part of a broader trend in the industry, with major companies such as Google, Tesla, Dyson, General Motors, Nike and UKG also announcing job cuts across various departments throughout 2024.
