GoPro announces 4% global workforce reduction

In a regulatory filing, GoPro stated, “On March 26, 2024, GoPro 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.”