GoPro (GPRO) to cut workforce by 4%

On March 26, 2024, GoPro (NASDAQ: GPRO) announced that it intends to reduce its global workforce by approximately 4% in order to reduce operating costs and drive stronger operating leverage. The restructuring of the Company’s business will result in estimated aggregate costs of approximately $7.5 million. Cash expenditures will be approximately $2.0 million of the estimated aggregate costs in the first quarter of 2024 as a result of a reduction in force. The remaining expenditures primarily pertain to planned reductions of office space. The Company estimates impairment charges of approximately $3.3 million in the first quarter of 2024 related to the reduction in office space. The Company anticipates approximately $2.2 million of the office space charges through January 2027. The Company anticipates that a substantial portion of these restructuring charges will be reflected in its GAAP results for the first quarter of the fiscal year ended December 31, 2024.

You May Also Be Interested In

• Cross-continental diversification
• Zilliz Launches Vector Lakebase, Extending the World's Most Adopted Vector Database into a Unified Data Platform for AI
• Claranova: Appointment of Antonio Adornato as Interim Chief Financial Officer of the Group