GoPro To Cut 15% Of Jobs
(RTTNews) - GoPro Inc. (GPRO) announced a restructuring plan that will involve a reduction in force of about 15% of its workforce, starting in third-quarter 2024 and expected to be largely completed by the end of the year. This follows the company's August 6, 2024, announcement during its Second Quarterearnings call where it revealed plans to cut operating expenses by about $50 million, reducing projected fiscal 2024 expenses to $320 million plus or minus $5 million for fiscal 2025.
The Restructuring plan is expected to result in an estimated aggregate charge of in the range of $5 million to $7 million. Cash expenditures will be approximately $1.0 million of the estimated aggregate charge in the third quarter of 2024 and approximately $4 million to $6 million of the estimated aggregate charges in the fourth quarter of 2024.
The company expects to incur the majority of the restructuring and related charges in the fourth quarter of the fiscal year ended December 31, 2024.
