Reuters claimed that GoPro will lay off 15% of its personnel this year. In an SEC filing, the popular action camera company stated that it intends to downsize its personnel as part of a restructuring strategy to lower operational costs.

"Restructuring Plan is anticipated to entail a reduction in force of approximately 15% from our end-second quarter headcount of 925 full-time employees beginning in Q3 2024," according to the filing.

Job losses will be completed before the end of the year

The layoffs are planned to commence in the third quarter of 2024 and be completed by the end of 2024. Approximately 140 employees will be affected by it.

As part of the restructuring plan, the business intends to incur charges ranging from $5 million to $7 million, with cash expenditures of $1 million realized in the third quarter and approximately $4 million to $6 million in the fourth quarter of 2024.

Second layoff in 2024

This is the second time GoPro has announced employment layoffs for 2024. The corporation decreased its employment by 4% in March of this year.

GoPro employed 925 full-time workers at the conclusion of the second quarter, which ended June 30.

Earlier this month, GoPro announced second-quarter sales of $186 million, a 22.7% decrease from the previous year. In May, the United States International Trade Commission opened an investigation into GoPro's accusations that Chinese startup Arashi Vision was infringing on its patents for cameras, systems, and accessories.

In 2024, the IT industry will continue to face employment cutbacks. Last week, Cisco announced the layoff of 6,000 employees. In other news today, General Motors fired off over 1,000 paid employees in its software and services division.