GoPro expects income slump, slashes workforce
GoPro is slicing staff and expects a pointy decrease in fourth-quarter income after confronting diseased direct for cameras during a holiday season.
The unsatisfactory opinion sent shares plummeting scarcely a third to an all-time low of $5.04 US in morning trade Monday. By a tighten of trade a batch had recovered somewhat, finale trade during $6.56 US, down 96 cents. The association went open during $24 US a share in Jun 2014.
The camera builder expects $340 million US in revenue, imprinting a 37 per cent dump from a year ago and descending distant brief of Wall Street estimates for about $472 million US, according to an researcher consult by FactSet.
It is also slicing a workforce by some-more than 20 per cent to fewer than 1,000 employees.
“Despite poignant selling support, we found consumers were demure to squeeze HERO5 Black during a same cost it launched during one year earlier,” pronounced CEO Nicholas Woodman.
As partial of a restructuring plan, Woodman will cut his 2018 money remuneration to $1 US. It was $800,000 US in 2016.
The San Mateo, Calif., association will also stop creation aerial drones, citing tough foe and regulations.
Article source: http://www.cbc.ca/news/business/go-pro-restructuring-1.4477892?cmp=rss