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San Mateo-based GoPro announces layoffs
San Mateo-based GoPro set to cut almost a quarter of its workforce this year
SAN MATEO, Calif. - GoPro plans to cut nearly a quarter of its workforce this year as part of a restructuring effort to reduce costs, according to a filing with the U.S. Securities and Exchange Commission.
The San Mateo-based company said Tuesday it will lay off about 145 employees by the end of 2026.
Details of the restructuring plan
What we know:
In the filing, GoPro said its board of directors approved the restructuring plan to "reduce operating costs and drive stronger operating leverage."
The company said the layoffs represent about 23% of its workforce, based on 631 employees at the end of the first quarter.
The job cuts are expected to be completed by the end of the year.
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Cost and timeline
GoPro estimates the restructuring plan will cost between $11.5 million and $15 million.
Part of broader cost-cutting efforts
The move comes less than two years after the company reduced its workforce by about 15%, signaling continued efforts to streamline operations.
The Source: SEC filing