Action camera maker GoPro is set to further reduce its workforce as part of a new cost-cutting initiative.
According to recent SEC filings, the company aims to reduce its operating expenses by approximately $50 million from the projected fiscal year 2024 expenses.
The restructuring plan, approved by GoPro’s board, marks the second round of layoffs the company has initiated this year. In March, GoPro reduced its workforce by 4% and downsized its global office space.
As of the end of the second quarter of FY2024, GoPro had 925 full-time employees. The new restructuring plan is expected to reduce the workforce by about 15%, resulting in approximately 140 employees losing their jobs by the end of 2024.
Continued Job Cuts in the Tech Industry
The tech industry has faced significant job cuts throughout 2024, continuing a trend seen in previous years.
Just last week, Cisco announced plans to lay off thousands of employees globally, while Intel revealed it would cut around 15,000 jobs.
MasterCard is also preparing to reduce its global workforce by about 3%, which could affect approximately 1,000 employees worldwide, including in India.
Additionally, Stellantis, the parent company of Chrysler, will lay off 2,450 factory workers from its Warren Truck Assembly Plant starting October 8.
Widespread Impact of Layoffs Across the Industry
GoPro’s decision to cut 140 jobs is part of a broader trend of layoffs in the tech industry, as companies continue to adjust their operations in response to economic challenges.
These cuts underscore the ongoing instability in the tech sector, affecting thousands of workers globally.
