GoPro is shedding greater than 20 p.c of its workforce, over 200 staff, in response to the COVID-19 pandemic, the company has announced. The transfer is a part of an try to cut back working bills by $100 million the 12 months, on high of one other $250 million in non-headcount associated expense reductions deliberate for 2021. GoPro added that its founder and CEO, Nicholas Woodman, won’t be paid a wage for the rest of the 12 months, and that the corporate will shift extra in the direction of a direct-to-consumer gross sales mannequin going ahead.
The restructuring comes as GoPro has began to get better after its ill-fated transfer into the drone market. Launched in late 2016 after a number of delays, the GoPro Karma was a fundamental drone that did not impress, and GoPro ended up quitting the drone enterprise simply over a 12 months later. Final 12 months, there have been indicators the corporate had shaken off the ache of the transfer off the again of the success of the Hero 7.
GoPro says it bought 700,000 cameras within the first quarter and expects its 2020 product and repair roadmap to be unaffected by operational cuts, according to Bloomberg.