GoPro is reducing its workforce by about 270 employees, the company announced today, citing an effort to reduce operating costs by about $200 million for 2017. The new cuts include current employees as well as open positions, and it’s the third reduction to GoPro’s workforce since the beginning of 2016.
The camera company operated at a loss of $373 million in 2016, in part thanks to production delays on the new Hero 5 cameras and the recall of the Karma drone. GoPro’s stock price hit an all-time low this past week, though it was up more than 10 percent in after-hours trading following the news.
GoPro didn’t say exactly which jobs are being cut
GoPro laid off 7 percent of its workforce in January of 2016, but the layoffs in November were more severe. In that round, the company cut 15 percent of its employees, completely shuttered its entertainment division, and lost president (and former head of Skype) Tony Bates. The company declined to say which areas would be affected by the new round of cuts.
Despite the rough financials, GoPro is still selling cameras. Bolstered by the new Hero 5 and Hero 5 Session, GoPro sold 2 million cameras in the fourth quarter of 2016, making it the company’s second best quarter ever for revenue. GoPro CEO Nick Woodman said in a February call with investors that new Hero 6 cameras are in the works for later this year.