GoPro Is Laying Off A Bunch Of Employees (Again)

GoPro revealed in its latest quarterly financial report that it is eliminating about 270 positions within the company, something resulting from a mixture of layoffs and the removal of open positions. If this sounds familiar, that's because it is: the company made a similar announcement last year, that time saying it would be giving about 200 positions the axe. The layoffs are part of a cost-cutting maneuver.

In a release today, GoPro revealed that it expects its first quarter financials for the year to fall between $190 and $210 million. As well, the company is undergoing restructuring that will reduce its GAAP and non-GAAP operating expenses for the year, with company founder Nicholas Woodman saying, "Importantly, expense reductions preserve our product roadmap and we are tracking to full-year non-GAAP profitability in 2017."

In order to reduce those costs, GoPro is cutting about 270 jobs, and is also cutting program costs. This restructuring will cost it about $10 million mostly related to severances. As part of its past cost-cutting plans, GoPro said it was shutting down its entertainment division, among other things.

Overall, the company has narrowed its focus to give all of its attention to its core products, something that highlights the struggle it encountered in past months. Sales were strong over this past holiday season, and the company expresses optimism that 2017 will ultimately go down as a good year for the company, financially speaking.

SOURCE: GoPro