GoPro Slashes Nearly 25% of Workforce in Latest Round of Layoffs
The camera company GoPro, which is based in San Mateo, is slashing 145 jobs in another round of mass layoffs.
Action camera maker GoPro is cutting approximately 145 jobs, representing nearly a quarter of its remaining workforce, in the latest sign of trouble for the once-dominant Silicon Valley brand.
The San Mateo-based company confirmed the layoffs, marking yet another round of significant staff reductions as GoPro struggles to adapt to a rapidly shifting consumer electronics landscape dominated by increasingly capable smartphone cameras.
GoPro has been on a years-long decline from its peak as a must-have gadget brand. The company, which once rode a wave of popularity among extreme sports enthusiasts and content creators, has faced mounting pressure from competitors and shrinking demand for dedicated action cameras.
The latest cuts follow previous rounds of layoffs that have steadily whittled down GoPro's headcount from its heyday when it employed thousands. Employees affected by the reductions span multiple departments, according to sources familiar with the matter.
Founded by Nick Woodman in 2002, GoPro went public in 2014 in one of the most anticipated tech IPOs of that year. At its peak, the company's stock traded above $90 per share, a far cry from where it trades today.
The company has repeatedly attempted to reinvent itself through new product lines, subscription services, and software offerings, but has yet to find a formula that reverses its fortunes. Analysts say GoPro faces an existential challenge in convincing consumers to invest in a standalone camera device.
GoPro has not yet announced a detailed restructuring plan or timeline for recovery, leaving investors and remaining employees uncertain about the company's long-term future.