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GoPro cuts 270 more jobs as it struggles to make money

By Scorpus ยท 5 replies
Mar 16, 2017
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  1. GoPro is cutting its workforce for the third time since the start of 2016, the company announced yesterday. In this latest round of reductions, 270 positions are affected, including both current employees and open positions.

    The cuts are part of an effort to reduce operating expenses by $200 million year over year. The reductions will cost GoPro up to $10 million, but this will allow the company to achieve its target of full-year profitability "without impacting the company's roadmap for new hardware and software products".

    GoPro's two previous rounds of layoffs saw 7 and 15 percent of their workforce cut, in January and November 2016 respectively. The November cuts saw the company's entertainment division close entirely, although it's not clear what areas of the business are impacted by these latest cuts.

    All three rounds of layoffs are in response to GoPro's poor 2016 financial result: an operating loss of $373 million. This result, combined with weak forecasts for 2017, has sent GoPro's stock to all-time lows in recent weeks. Luckily for GoPro, this new round of reductions has sent their stock on an upward trajectory during early trading.

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  2. Rippleman

    Rippleman TS Evangelist Posts: 753   +347

    I know its not all encompessing, but at first glance

    "270 positions are affected...The cuts are part of an effort to reduce operating expenses by $200 million"

    One could say they are paying their workers WAY too much :)
     
    MonkeyBoyX8000 likes this.
  3. MoeJoe

    MoeJoe TS Guru Posts: 641   +348

    Not surprised.
     
  4. compdata

    compdata TechSpot Paladin Posts: 529   +7

    Not to surprised here either. There is a lot of competition in this space right now, and their prices are hard to justify given the price and quality of the competition.
     
    MonkeyBoyX8000 and MoeJoe like this.
  5. MonkeyBoyX8000

    MonkeyBoyX8000 TS Rookie Posts: 17

    Gopro came onto the scene just bustling with innovation and great tech, but they have failed to push forward with new tech and competitive price points. Gopro cameras simply are not 'pro' in today's standards. They may be having their Kodak moment.
     
  6. ghostf1re

    ghostf1re TS Booster Posts: 109   +42

    The price for their products are just entirely too much. As much as I do enjoy their cameras, I would not pay for another one at the price they are asking at this time. I'd rather just seek out a similar product for a much cheaper price.
     

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