GoPro Cuts 270 Jobs
Once-mighty action-cam and drones player GoPro has reduced its workforce by almost 300 employees in an effort to reduce operating costs.
“We’re determined that GoPro’s financial performance match the strength of our products and brand. Importantly, expense reductions preserve our product roadmap and we are tracking to full-year non-GAAP profitability in 2017,” said GoPro Founder and CEO, Nicholas Woodman.
The move follows earlier job cuts in January.
The company estimates that it will incur total aggregate charges of up to $10 million for the restructuring and updated its expectations for its next quarterly earnings report accordingly.
“We now expect to deliver revenue in the upper end of our guidance range of between $190 million and $210 million,” said GoPro Chief Financial Officer, Brian McGee.
“We currently have no need to draw on our credit facility and we expect to be EBITDA positive for full-year 2017,” he added.
The company’s stock hit an all-time low this week. However, it did bounce approximately 10% following the company’s announcement.