GoPro, the well-known action camera manufacturer, has announced its plan to reduce its workforce by approximately 15 percent. This move is part of the company’s broader restructuring efforts aimed at cutting operating costs.
The company’s board of directors has approved the restructuring plan, which will affect around 139 of its 925 full-time employees. The layoffs are set to begin in the third quarter of 2024 and are expected to be completed by the end of the year.
This marks GoPro’s second round of job cuts in 2024, following a four percent reduction in March, during which the company also downsized its global office space. Despite these measures, GoPro’s financial performance for the second quarter showed a 22.7 percent decline in revenue, dropping to $186 million. Operating expenses rose by five percent 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 initiated 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.
