GoPro To Cut 15% of Workforce In Restructuring Push
GoPro has announced a restructuring plan that involves cutting about 15% of its workforce. “The company expects to take charges in the range of $5 million to $7 million for the restructuring plan, with cash expenses of $1 million to be recognized in the third quarter and about $4 million to $6 million in the fourth quarter of 2024,” reports Reuters. From the report: The layoffs – around 139 jobs – are expected to begin in the third quarter and would be completed by the end of 2024. Shares of the company, which had 925 full-time employees at the end of the second quarter ended June 30, were up 1.5% after the layoffs were announced. Earlier this month, GoPro reported revenue of $186 million for second quarter, down 22.7% compared to last year and operating expenses of $103 million, an increase of 5% from a year ago.
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GoPro has announced a restructuring plan that involves cutting about 15% of its workforce. “The company expects to take charges in the range of $5 million to $7 million for the restructuring plan, with cash expenses of $1 million to be recognized in the third quarter and about $4 million to $6 million in the fourth quarter of 2024,” reports Reuters. From the report: The layoffs – around 139 jobs – are expected to begin in the third quarter and would be completed by the end of 2024. Shares of the company, which had 925 full-time employees at the end of the second quarter ended June 30, were up 1.5% after the layoffs were announced. Earlier this month, GoPro reported revenue of $186 million for second quarter, down 22.7% compared to last year and operating expenses of $103 million, an increase of 5% from a year ago.
Read more of this story at Slashdot.