GoPro has had quite a few major layoffs over the last few years. Due to the coronavirus impact, the company now needs to be restructured again and it will cut more than 200 employees.
Nicholas Woodman, founder and CEO of GoPro, has announced the company’s restructuring plans in a press release. Like most other companies, GoPro has suffered some major issues and delays due to the COVID-19 pandemic. According to Woodman, this has driven the company to transition “into a more efficient and profitable direct-to-consumer-centric business,” which is the plan for the rest of this year.
GoPro’s shift to a more consumer-direct approach will cut over 200 employees or more than 20%. The company also expects to achieve a “$100 million reduction in non-GAAP operating expenses” and “plans to further reduce operating expenses into 2021 to $250 million.” This shift will also result in reductions in office space, sales and marketing expenditure, and others.
“We are crushed that this forces us to let go of many talented members of our team, and we are forever grateful for their contributions,” Woodman writes. The company shares that he and GoPro’s Board of Directors will “forego the remainder of their cash compensation through the end of 2020.”
After those in 2016 and 2017, this is another major workforce cut for GoPro. Still, the company confirmed these reductions will not impact its 2020 product roadmap. There are still plans to release new hardware, software and subscription products for both GoPro camera owners and smartphone-only users. But of course, we’ll see how the situation will unfold considering that the current pandemic has caught all of us off-guard.
[via The Verge]