GoPro to cut about 15% of its workforce

By Stephen Nakrosis

GoPro (GPRO) will cut approximately 15% of its workforce as part of a previously announced plan to reduce operating expenses by about $50 million from projected fiscal 2024 expenses.

The company said on Monday that the board approved the restructuring plan and that the cuts to its workforce, which stood at 925 full-time employees at the end of the second quarter, will begin in the third quarter. The jobs cuts are expected to be substantially completed by the end of the year.

The camera company said it expects its restructuring plan will result in an estimated aggregate charge in the range of $5 million to $7 million. GoPro also said it expects to incur the majority of restructuring and related charges in the fourth quarter of the fiscal year ending Dec. 31.

Earlier this year, the company announced plans to cut its workforce by 4% and reduce its office space in an effort to cut costs.

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08-19-24 2035ET

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