GoPro 'restructuring' effort will layoff 200 full-time employees
GoPro has announced plans to restructure the company, saying it will layoff 200 full-time workers, close its entertainment division, reduce its facilities, and cancel open positions. By doing these things, GoPro will reduce its workforce by 15% and will, it anticipates, reduce its non-GAAP operating expenses next year.
GoPro announced the news today as part of its quarterly earnings report. According to the company, GoPro camera sales in the U.S. were up more than 35% this past Black Friday in comparison to the same time period last year. However, its turbulent financial state over the past year has spurred the company to make some big changes.
In addition to shedding 15% of its workforce, GoPro President Tony Bates will step down from his position at the end of 2016. GoPro didn't provide a reason for his departure. Assuming all goes as planned, GoPro expects to reach non-GAAP profitability next year, with its full 2017 non-GAAP operating expenses dropping to about $650 million.
Solid Holiday Demand In The U.S. For GoPro HERO5
Nov 30, 2016
Week of Black Friday Camera Unit Sales Up 35% YoY in U.S.
Company Restructuring to Reduce Operating Expenses and Improve Efficiency
SAN MATEO, Calif., Nov. 30, 2016 /PRNewswire/ -- GoPro Inc. (NASDAQ: GPRO) today announced solid holiday quarter sell-thru in the U.S. for its new HERO5 cameras.
Based on internal data, GoPro's week of Black Friday camera unit sales were up more than 35% year-over-year at leading U.S. retailers. Thanksgiving through Cyber Monday sales of camera units at GoPro.com were up approximately 33% year-over-year. According to the NPD Group, since the launch on October 2, HERO5 Black has been the best-selling Digital Imaging device in the United States.
HERO5 cameras are available at major US retailers including Amazon, Best Buy, Target and Walmart.
"We have a lot of work to do to finish the quarter and our fiscal year, however our HERO5 cameras have been very well-received by critics and consumers alike," said Nicholas Woodman, Founder & CEO of GoPro. "Both HERO5 cameras can now auto-offload new content to the cloud and our Quik mobile app makes accessing and editing your footage fun. Its clear consumers are excited about these new features."
GoPro also announced a company-wide restructuring that will reduce full-year 2017 non-GAAP operating expenses to approximately $650 million (GAAP: $735 million) and achieve its goal of returning to non-GAAP profitability in 2017. The restructuring includes the closure of its entertainment division, facilities reductions, and the elimination of more than 200 full-time positions plus the cancelation of open positions for a reduction in force of approximately 15 percent.
Additionally, Tony Bates will depart his position as president of the Company at the end of the year. "My time at GoPro has been an incredible experience," said Tony Bates. "In the past three years, GoPro has seen enormous progress in camera technology, software and international growth. Today GoPro has a solid leadership team deeply focused on its core business and profitability."
GoPro estimates that it will incur total aggregate charges of approximately $24 million to $33 million for the restructuring, including approximately $13 million to $18 million of cash expenditures as a result of the workforce restructuring, substantially all of which are severance costs, and approximately $11 million to $15 million of non-cash expenditures, consisting primarily of stock-based compensation expense and accelerated depreciation associated with office consolidations. The company expects to recognize most of the restructuring charges in Q4 2016.
"Consumer demand for GoPro is solid and we've sharply narrowed our focus to concentrate on our core business," said Nicholas Woodman. "We are headed into 2017 with a powerful global brand, our best ever products, and a clear roadmap for restored growth and profitability in 2017."
Oct 2, 2017
Oct 18, 2017
Oct 17, 2017
Oct 11, 2017
"With only a few hundred of these lenses still in existence, and the inability to get them serviced and repaired if damaged, one can only assume that finding one of these will only become more and more difficult as time goes on..."
Google's Pixel 2 might have the 'world's highest rated smartphone camera', but the phone's display is causing serious headaches for the company. From 'dull' colors to reports of burn-in and blue tint, some troubling reports are haunting the tech giant this week.
The WiBotic PowerPad is a three-foot by three-foot landing pad that, according to its makers, is capable of charging almost any drone wirelessly.
Hear what Adobe director of product management Tom Hogarty and Lightroom product manager Sharad Mangalick have to say about the new Lightroom CC, and the future of Lightroom Classic CC.
Phase One has released a new, 15-preset Film Styles Pack for Capture One users that gives you a total of 45 different analog 'Styles' to choose from—33 in color and 12 in black & white.
"Everyone was wearing essentially the same outfits, doing the same poses, and felt like they needed 37 versions of each pose. As irritated as I was by this, it wasn’t what annoyed me the most."
With features like full-sensor-width 4K recording, Nikon has made its most video-friendly DSLR to date in the D850. That said, there's a difference between offering a feature and implementing it well.
If you're set on investing in a seriously capable compact, no doubt these two cameras will be on your list. Here's how they square up.
Adobe's experimental Project 'Deep Fill' is an incredibly powerful and impressive, AI-powered version of Content Aware Fill. Watch the demo to see this amazing tool in action.
LEE has released a new series of Reverse ND filters that are most opaque in the middle and become progressively clearer towards the top. This makes them ideal for capturing scenes where the sun is close to the horizon.
A former New York Times photographer is suing both the newspaper and its photography director Michele McNally for over $500,000 for age discrimination and unfair classification as a freelancer for nearly a decade.
"CPS Platinum members will now enjoy next-day service, with equipment serviced and shipped the business day after an estimate is approved. For repairs that will take longer, Canon will offer next-day loaner equipment."
Irix is introducing a new filter system called the Irix Edge 100. The ultra-light, ultra-thin system is build specifically for wide angle lenses like Irix's own 15mm F2.4.
After conducting a series of safety tests, the FAA is recommending that all airlines ban cameras and other electronics with Lithium Ion batteries from checked baggage. The agency believe the risk of a catastrophic fire and explosion is too great.
The Pixentu jackets keep you and your gear warm and dry, offering useful features like lens and tripod pockets, in addition to some quirky ones like an extended hood to protect your camera from the rain.
Adobe gave the audience at MAX a sneak peek at some exciting new technology its developing. It's called Adobe Cloak: a highly capable Content Aware Fill-like feature for video editors.
Earlier today, Flickr moved its photo book printing service over to a third party services, and stopped offering any wall art options entirely.
The patent details a flipping rear LCD screen so large, Canon has had to hide the rear dial and several buttons underneath.
We've added a selection of extra images to our Nikon D850 gallery. As part of the process of rounding off the review we made sure a number of us had shot the camera in a variety of situations, we've added those shots to the gallery to give a broad cross section of how the camera performs.
Wiral LITE is an affordable, easy-to-use cable cam system that can do things a portable slider simply can't do, and go places no slider would dare go.
Not happy with the recent demise of Lightroom as a stand-alone, subscription free service? Macphun's got your back... or they will in 2018.
Once connected to a PC, Mac, tablet or smartphone, Pholio automatically searches through the device storage and backs up all images and videos—complete with auto-tagging and intelligent search capabilities.
The 360 Round uses eight horizontally positioned camera pairs and one upward-pointing single lens to capture and livestream panoramic 4K 3D content.
Introduced just three years ago, the Samsung NX1 was both a technological tour-de-force and a great camera to use, earning one of the highest scores we've ever awarded and winning our 2015 Innovation Award. But its short-lived run in the photo world leaves us wondering what could have been.
The Fujifilm X-E3 is styled like a classic rangefinder, but features a built-in touchscreen, AF joystick, and electronic viewfinder – truly an old school meets new type of camera. Lay some eyes on our sample gallery to see how it performs in the real world.
Like it or not, Adobe is embracing a cloud-centric, AI-rich future with the introduction of Lightroom CC. And that's a great thing, though you may not see it now, argues Rishi Sanyal.
The announcement of a more cloud-integrated Lightroom product sees the death of the company's standalone version. This need to make payments in perpetuity (whether you choose Lightroom Classic or CC), chips away at the idea that your Lightroom library is a long-term solution, argues Richard Butler.
The XPro-C 2.4GHz wireless flash trigger that Godox released for Canon users last month now has a Nikon equivalent—the aptly named XPro-N. Sony, Fujifilm and MFT versions are in the works.
In the aftermath of hurricanes Harvey, Irma and Maria, camera and lens maker Sigma is extending its standard product warranty to cover damage caused by these three natural disasters.
The F4 Plus can can capture 360° stills, videos and broadcast livestream footage at 8K resolution... that's 7680 x 3840 pixels!