By Juby Babu
(Reuters) – Action camera maker GoPro said on Monday it would cut about 15% of its workforce this year, as part of a restructuring plan to reduce operating expenses.
The company expects to take charges in the range of $5 million to $7 million for the restructuring plan, with cash expenses of $1 million to be recognized in the third quarter and about $4 million to $6 million in the fourth quarter of 2024.
The layoffs – around 139 jobs – are expected to begin in the third quarter and would be completed by the end of 2024.
Shares of the company, which had 925 full-time employees at the end of the second quarter ended June 30, were up 1.5% after the layoffs were announced.
Earlier this month, GoPro reported revenue of $186 million for second quarter, down 22.7% compared to last year and operating expenses of $103 million, an increase of 5% from a year ago.
The U.S. International Trade Commission said in May it was launching a probe into GoPro’s claims that patents for its cameras, systems and accessories were being violated by Chinese firm Arashi Vision as the company imported similar products into the United States.
