The 14-year-old camera manufacturer is cutting costs by laying off more than 200 employees (about 15 percent of its workforce) and instituting a hiring freeze,the company announced Wednesday. The reductions are in an effort to restore the struggling business to profitability come 2017.
GoPro will focus on its products: cameras and drones. “Consumer demand for GoPro is solid and we’ve sharply narrowed our focus to concentrate on our core business,” GoPro CEO Nick Woodman said in a statement. “We are headed into 2017 with a powerful global brand, our best ever products, and a clear road map for restored growth and profitability in 2017.”
It's been a tough year for GoPro. The company's share price has more than halved in value. At its last quarterly earnings, GoPro reported that it lost more than $84 million over the three month period. This month, the company had to recall more than 2,500 Karma drones due to them losing power during operation
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