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GoPro makes more cuts
GoPro has announced a third round of cuts with the announcement of 270 more jobs being eliminated. This is the third round of cuts since 2016, round one as 15% of staff, round 2 saw another 7% leave, and now another 270 jobs. GoPro has been having a rough time thanks to increased competition and lack of a new "killer product" and lost $373 million in 2016. Time will tell if they can turn things around in 2017. The Verge has the full story.
GoPro is reducing its workforce by about 270 employees, the company announced today, citing an effort to reduce operating costs by about $200 million for 2017. The new cuts include current employees as well as open positions, and it’s the third reduction to GoPro’s workforce since the beginning of 2016.
The camera company operated at a loss of $373 million in 2016, in part thanks to production delays on the new Hero 5 cameras and the recall of the Karma drone. GoPro’s stock price hit an all-time low this past week, though it was up more than 10 percent in after-hours trading following the news.