Source: Abplive News Bureau
This marks GoPro’s second round of job cuts in 2024. Earlier in March, the company had already reduced its workforce by 4%.
GoPro Layoffs will reduce its workforce by approximately 15% this year as part of a restructuring initiative to cut operating costs. The layoffs, which will affect around 139 positions, are set to start in the third quarter and are expected to be completed by the end of the year. The company’s board of directors has given the green light to Restructuring Plan. Shares of GoPro increased 1.5 percent following Monday’s announcement of the upcoming layoffs.
GoPro’s financial performance for the second quarter revealed a revenue decline to $186 million, representing a 22.7% decrease compared to the same period last year. The company also reported operating expenses of $103 million, a 5 % rise from the previous year. No industry today is untouched by the layoffs. Even the biggest firms in different sectors have laid off employees for several reasons across departments. Google, Tesla, Dyson, General Motors, Nike, and UKG are among the companies that fired employees in 2024.
In May, the US International Trade Commission announced that it was initiating an investigation into GoPro’s allegations that its patents related to cameras, systems, and accessories were being infringed upon by Arashi Vision, a Chinese company. The probe focuses on GoPro’s claims that Arashi Vision imported products like GoPro’s patented technologies into the United States.
