Popular action camera maker GoPro has revealed that its cutting more job and reducing its workforce. According to a SEC filing, the company plans to reduce operating expenses by approximately $50 million from projected fiscal 2024 expenses.
The company’s board of directors have approved a restructuring plan. In the filing, the company said that the “Restructuring Plan is anticipated to entail a reduction in force of approximately 15% from our ending second quarter headcount of 925 full-time employees beginning in Q3 2024.” The layoffs are expected to be completed by the end of 2024. Around 140 employees will lose their jobs because of the restructuring.
This is the second time in 2024 that GoPro has cut jobs. In March, the company had reduced its workforce by 4%. Furthermore, it had also reduced its office space across the world.
Overall, the tech industry continues to see significant job cuts in 2024. Following mass layoffs in 2022 and 2023, numerous tech giants have announced further reductions this year. Last week, Cisco announced that it is cutting thousands off jobs across the world. Intel also announced that it is cutting almost 15,000 jobs and reducing its workforce significantly.
So far in 2024 almost every big tech company has slashed jobs and there seems to be no respite. Various factors such as economic uncertainty, overhiring during the pandemic, and a shift in business priorities are cited as primary reasons for these workforce reductions.
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