GoPro lays off 15 percent of workforce, shutters entertainment division
GoPro on Wednesday said 200 employees, or 15 percent of its workforce, will be laid off as the action sports camera company looks to return to profitability.
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As part of the restructuring, GoPro will also reduce office space, shutter its entertainment division, and cancel seeking candidates for open job positions.
The entertainment division was set to be GoPro's saving grace, putting its cameras' content on set-top boxes and other media streamers.
Operating expenses are expected to drop $650 million after the restructuring.
"We have a lot of work to do to finish the quarter and our fiscal year," said CEO Nick Woodman in a prepared statement, adding "we are headed into 2017 with a powerful global brand, our best ever products, and a clear roadmap for restored growth and profitability in 2017".
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GoPro expects the restructuring to cost $24 million to $33 million, with a big portion going to severances of laid off employees.
GoPro president Tony Bates will also leave the company by the end of 2016.
It's been a rocky year for GoPro, who recalled the Karma drone and has seen a drop in revenue.