At the end of the second quarter, GoPro’s full-time employee headcount stood at 925. Credit: In Green/Shutterstock.

US-based action camera company GoPro has revealed a workforce restructuring strategy that will result in a 15% reduction in jobs.  

This move is part of an effort to streamline operations and reduce operating expenses.  

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

GoPro anticipates that the job cuts, affecting approximately 139 positions, will commence in the third quarter and conclude by the end of 2024. 

At the end of the second quarter, GoPro’s full-time employee headcount stood at 925. 

The company estimates that the restructuring will incur charges between $5m and $7m, with $1m expected to be recognised in the third quarter and the remaining $4m to $6m in the fourth quarter of 2024. 

The majority of these restructuring and related charges are projected to be accounted for in the fourth quarter of the fiscal year ending 31 December 2024. 

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

In its recent financial report, GoPro disclosed a second-quarter revenue of $186m, a 22.7% decline from the previous year, and operating expenses of $103m, marking a 5% increase from the same period last year.  

The company’s net loss for the April-June quarter expanded to $47.82m, up from $17.21m during the same quarter in 2023. 

During the second-quarter earnings call, GoPro announced its intention to slash operating expenses by around $50m from the anticipated fiscal 2024 expenses, targeting a reduction to $320m +/- $5m for fiscal 2025.  

The restructuring plan, approved by GoPro’s board of directors on 19 August 2024, is aimed at achieving this financial objective. 

In May, the US International Trade Commission initiated an investigation into GoPro’s allegations that Arashi Vision, a Shenzhen-based company, infringed on patents with its Insta360 camera products.  

According to Reuters, GoPro has requested the trade panel to issue exclusion and cease and desist orders against the importation of Insta360 products into the US. 

Earlier in August 2024, Cisco also announced a restructuring plan, which is expected to affect approximately 7% of its global workforce, equating to roughly 6,000 employees.  

This move by Cisco is designed to invest in key growth areas and enhance business efficiencies.