Tuesday, February 07, 2017 11:30:58 PM
A little early to be talking about that as Karma was just rereleased days ago but they appear to have a plan to profitability. Better question is - is their plan enough?
GoPro to Cut 15% of Jobs Amid Restructuring
Source: Dow Jones News
GoPro Inc. on Wednesday said it would restructure its business, cutting about 15% of its workforce in an effort to lower expenses as it seeks profitability.
The companywide restructuring—which includes the closure of GoPro's entertainment division, facilities reductions and the elimination of more than 200 full-time positions plus the cancellation of open positions—will reduce 2017 adjusted operating expenses to about $650 million and bring the company back to earning an adjusted profit.
In addition, GoPro President Tony Bates will depart at the end of the year.
GoPro shares, which have lost more than half their value over the past year, rose 3.4% in premarket trading to $10.17.
GoPro expects about $24 million to $33 million in restructuring charges, including $13 million to $18 million of cash expenditures from the job cuts and $11 million to $15 million of noncash expenditures, mostly from stock-based compensation expenses and accelerated depreciation associated with office consolidations. The company anticipates booking most of the restructuring charges in the fourth quarter.
GoPro also said Wednesday that its camera sales for the week of Black Friday were up more than 35% year-over-year at leading U.S. retailers. Thanksgiving through Cyber Monday sales of camera units at GoPro.com increased 33% year-over-year.
"We have a lot of work to do to finish the quarter and our fiscal year," Chief Executive Nicholas Woodman said, but "consumer demand for GoPro is solid and we've sharply narrowed our focus to concentrate on our core business."
My opinions are just that......my opinions. Good luck to all investors/traders.
Recent GPRO News
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 05/07/2024 09:04:26 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/07/2024 08:09:42 PM
- GoPro Announces First Quarter Results • PR Newswire (US) • 05/07/2024 08:05:00 PM
- GoPro Adds Eight Young 'Stars of Tomorrow' to its Professional Athlete Team • PR Newswire (US) • 04/23/2024 01:18:00 PM
- GoPro Announces First Quarter 2024 Earnings Webcast • PR Newswire (US) • 04/16/2024 08:15:00 PM
- GoPro Mountain Games Outdoor Festival Set to Kick off Summer in Picturesque Vail, Colorado • PR Newswire (US) • 04/09/2024 01:05:00 PM
- GoPro Returns to the Pinnacle of Motorcycle Racing as Title Sponsor of MotoGP™ Gran Premio GoPro de Aragon • PR Newswire (US) • 04/03/2024 01:15:00 PM
- GoPro and PADI Link Up on New Specialty Certification Program for Scuba Divers • PR Newswire (US) • 03/12/2024 01:15:00 PM
- GoPro to Present at Morgan Stanley Technology, Media & Telecom Conference • PR Newswire (US) • 02/21/2024 11:30:00 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/20/2024 09:07:26 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/20/2024 09:06:33 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/20/2024 09:04:15 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/20/2024 09:02:26 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 02/16/2024 10:45:32 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 02/16/2024 09:37:53 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/12/2024 09:02:53 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/12/2024 09:02:11 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/12/2024 09:01:42 PM
- Form S-8 - Securities to be offered to employees in employee benefit plans • Edgar (US Regulatory) • 02/09/2024 10:16:22 PM
- Form 10-K - Annual report [Section 13 and 15(d), not S-K Item 405] • Edgar (US Regulatory) • 02/09/2024 09:07:01 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/07/2024 09:09:14 PM
- GoPro Announces Fourth Quarter and 2023 Results • PR Newswire (US) • 02/07/2024 09:05:00 PM
- GoPro Releases Quik Desktop App for macOS + Introduces Premium+ Subscription Tier • PR Newswire (US) • 02/06/2024 02:15:00 PM
- GoPro Named Official Action Camera of X Games Elite Ski + Snowboard Competition • PR Newswire (US) • 01/25/2024 02:02:00 PM
- GoPro Named Official Camera of Freeride World Tour, the World's Biggest Freeride Ski and Snowboard Competition • PR Newswire (US) • 01/22/2024 02:05:00 PM
Avant Technologies Equipping AI-Managed Data Center with High Performance Computing Systems • AVAI • May 10, 2024 8:00 AM
VAYK Discloses Strategic Conversation on Potential Acquisition of $4 Million Home Service Business • VAYK • May 9, 2024 9:00 AM
Bantec's Howco Awarded $4.19 Million Dollar U.S. Department of Defense Contract • BANT • May 8, 2024 10:00 AM
Element79 Gold Corp Successfully Closes Maverick Springs Option Agreement • ELEM • May 8, 2024 9:05 AM
Kona Gold Beverages, Inc. Achieves April Revenues Exceeding $586,000 • KGKG • May 8, 2024 8:30 AM
Epazz plans to spin off Galaxy Batteries Inc. • EPAZ • May 8, 2024 7:05 AM