San Mateo's GoPro cutting 15% of staff
SAN MATEO, Calif. (KTVU) -- - Major layoffs are being planned for San Mateo's GoPro Inc.
The company announced Wednesday, that under a restructuring plan, it was cutting about 15-percent of its workforce, while suggesting it may scale back from attempts to broaden its line of action-camera products.
GoPro will also close its entertainment division, and reduce its operating expenses to $650 million in 2017, in a move to push the company back to earning an adjusted profit.
GoPro will eliminate more than 200 full-time jobs, and not fill open positions.
Company president, Tony Bates, will also leave at the end of the year.
Meanwhile, GoPro announced that camera sales during Black Friday weekend were up 35-percent from the same time last year.
Company shares increased 3.4% in pre-market trading, following the restructuring announcement.
GoPro stocks had lost more than half their value this year.