GoPro to cut 270 jobs as part of restructuring effort
GoPro plans to eliminate another 270 jobs, the company revealed in its Q1 2017 guidance report, via a combination of layoffs and open position cancellations. The workforce reduction follows a similar layoff of 200 workers announced in November 2016, and is part of a larger business restructuring effort to cut costs and maintain profitability.
According to the new guidance report, GoPro is 'tracking to full-year non-GAAP profitability in 2017.' The company anticipates taking on about $10 million in severance charges as part of its layoff, a cost that will be factored into its first quarter financial results. Overall, the company estimates that it will announce between $190 and $210 million in Q1 2017 revenue.
GoPro has increasingly reduced its focus to its core products, a move that necessitated the recent elimination of its entertainment division, as well as reductions in some of its facilities. Last November, company CEO Nicholas Woodman stated, '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.'
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