As part of an updated restructuring plan, GoPro said it plans to cut about 26 percent of its workforce. The restructuring was expected to begin in the third quarter of this year and be substantially completed in the fourth quarter, as previously reported by SGI Europe.
GoPro said it expects to incur total estimated charges in the range of $15.5 million to $18.5 million due to the updated restructuring plan.
According to the filing, severance costs will be approximately $8 million to $9 million in the fourth quarter of 2024, while project cancellation costs will be approximately $6 million to $8 million.
The company announced its intention to reduce operating expenses by approximately $50 million to $320 million +/- $5 million in fiscal 2025 from its fiscal 2024 guidance during its second-quarter earnings call.
