GoPro, the action camera company, has announced a restructuring plan that includes layoffs. The move aims to lower costs and improve the company's financial position amid macroeconomic pressures. The layoffs are expected to be completed by the end of the year.
What happened
GoPro's board approved a restructuring plan that involves reducing its workforce. The company is working to cut costs and improve its financial performance.
How many employees affected
The layoffs will affect approximately 23% of GoPro's workforce, which equates to around 145 employees. The company had 631 employees at the end of the first quarter.
Why layoffs happened
The company cited macroeconomic pressures, including tariffs, higher memory costs, and supply constraints, as contributing factors. GoPro has also been working to reduce operating expenses after a decline in full-year revenue in 2025.
Company background
GoPro, based in San Mateo, California, develops and sells action cameras and related hardware and software. The company has been working to expand its portfolio to address slowing growth. In 2024, GoPro conducted two rounds of job cuts, reducing its workforce by 4% in the first quarter and 25% in the third quarter.
Industry impact
The action camera market faces challenges from macroeconomic factors and evolving consumer preferences. GoPro's restructuring reflects efforts to adapt to these changes and maintain competitiveness.
What's next
GoPro expects to incur charges between $11.5 million and $15 million related to the restructuring plan, including severance payments and healthcare benefits. The company aims to return to profitability and is introducing AI-related products, including an image processor.
Source: timesofindia.indiatimes.com