GoPro Layoffs: Popular Camera Firm To Fire 15% Of Workforce; Here's Why

GoPro Layoffs: The layoffs, affecting around 139 positions, are set to start in the third quarter and are expected to be completed by the end of the year

GoPro Layoffs: This marks GoPro's second round of job cuts in 2024

Source : GoPro

GoPro Layoffs: Action camera manufacturer GoPro announced on Monday that it will reduce its workforce by approximately 15 per cent this year as part of a restructuring initiative to cut operating costs. The company’s board of directors has given the green light to a restructuring plan. 

The company’s filing stated that the “Restructuring Plan is anticipated to entail a reduction in force of approximately 15 per cent from our ending second quarter headcount of 925 full-time employees beginning in Q3 2024.” 

The layoffs, affecting around 139 positions, are set to start in the third quarter and are expected to be completed by the end of the year.

Shares of GoPro, which had a workforce of 925 full-time employees as of the end of the second quarter on June 30, saw an increase of 1.5 per cent following the announcement of the upcoming layoffs on Monday.

This marks GoPro's second round of job cuts in 2024. Earlier in March, the company had already reduced its workforce by 4 per cent and also scaled back its global office space.

In addition, GoPro's financial performance for the second quarter revealed a decline in revenue to $186 million, representing a decrease of 22.7 per cent compared to the same period last year. The company also reported operating expenses of $103 million, a 5 per cent rise from the previous year.

Meanwhile, 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.

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 several employees in 2024.