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GoPro Slashes 15 Percent of Workforce, Shuts Down Entertainment Division

GoPro Slashes 15 Percent of Workforce, Shuts Down Entertainment Division

GoPro is doubling down on its promise to return to profitability and said on Wednesday that it would cut 15% of its workforce as part of a broad restructuring. He was previously an executive vice president at Microsoft Corp. and the chief executive officer of Skype Technologies SA.

Shares of GoPro, which have lost half their value this year, ticked up 4% to $10.22 in pre-market trading.

The move will bring the company's operating expenses down from about $735 million to $650 million, but will also cost the company between $24 and $33 million, with most of those costs to be incurred before the end of this year. So far those products failed to be the hits that management had been expecting and earlier this month GoPro lowered forecasts for full-year sales as third-quarter revenue came in lower than analysts' average estimates.

GoPro (NASDAQ: GPRO) also reported that their sales of cameras have increased 35% year-over-year during Black Friday and 33% year-over-year for the period between Thanksgiving and Cyber Monday. The entertainment division was a recent development by the company, born from an idea to build on the sales that already resulted from viral GoPro-shot videos and stories of the cameras surviving odd conditions.

Cost-cutting dominates debriefing for Tokyo from Rio Games
Olympic officials have agreed to keep the rowing and swimming venues at their planned sites in Tokyo for the 2020 Games. Yuriko Koike asked to postpone it until Christmas, a request that was granted by the IOC.

"Consumer demand for GoPro is solid and we've sharply narrowed our focus to concentrate on our core business", said CEO Nicholas Woodman in the statement. A week later, GoPro had to recall about 2 500 drones. The company says a large portion of those costs are severance packages. "My time at GoPro has been an incredible experience", said Tony Bates.

In mid-September, the company announced a new version of its classic camera and expanded into drones with the launch of the Karma.

Shebly Seyrafi, an analyst at FBN Securities, is lowering his forecast for 2017 revenue from the Karma to $36m from $150m, he wrote in a note on Tuesday.

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