GoPro Layoffs: Action Camera Maker To Lay Off 15% of Its Employees To Reduce Operating Expenses Amid Restructuring Efforts; Check Details
GoPro has reportedly announced its second round of layoffs in 2024, planning to lay off its workforce by 15 percent, affecting around 140 employees, as part of a restructuring plan to save approximately USD 50 million in expenses.
New Delhi, August 20: GoPro has reportedly announced layoffs and is planning to reduce its workforce by 15 percent for cost-cutting measures. The GoPro layoffs can be seen as a restructuring plan to save expenses. The decision may impact a significant portion of its employees and is said to be the second round of layoffs in 2024.
As per a report of Money Control, GoPro announced job cuts and is expected to reduce its workforce by 15 percent. As per reports, the job cuts at GoPro will likely affect around 140 employees. The company's board of directors has reportedly approved the restructuring plan, which may result in some employees losing their jobs and the layoff process could be finished by the end of 2024. Mastercard Layoffs: Financial Service Company To Lay Off 3% of Its Employees Globally Amid Restructuring Efforts.
GoPro is making more job cuts for the second time this year. In March, they had already reduced their employees by 4 percent. Additionally, as a way to save money, the company has decreased the amount of office space it has in different locations around the world.
The company reportedly wants to cut down on its expenses by about USD 50 million compared to what it had planned to spend in 2024. To achieve this, they might be implementing a restructuring plan that will likely involve reducing in their workforce by around 15 percent. The layoffs is expected to start in the third quarter of 2024 and will be based on the number of employees they had at the end of the second quarter from their ending second quarter headcount of 925 full-time employees. Cisco Layoffs: Networking Giant Announces Second Round of Job Cuts This Year, Laying Off 6,000 Employees.
The layoffs happening at GoPro are not unique to the company. Many other big tech companies are also reducing their workforce. The reasons behind these job cuts can be seen as economic uncertainty, hiring too many employees during the pandemic and changes in business priorities.
(The above story first appeared on LatestLY on Aug 20, 2024 08:34 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).