SAN MATEO, Calif. (BRAIN) — GoPro Inc. will reduce its workforce by about 15% in an effort to reduce operating expenses by about $50 million from its projected current fiscal year amount of $320 million.
The board of directors and the company approved the restructuring plan Monday. About 140 employees of a staff of 925 will be affected by the end of the year.
The layoffs come after GoPro reported earlier this month second-quarter revenue declined 23% year-over-year with retail-channel sales down 17% during the period. In the first quarter, revenue was down 11% year-over-year.
For 2023, revenue was down 6% compared with 2022 and 18% year-over-year in the fourth quarter of 2023.
