Money GoPro shares slump as it sacks 255 workers, slashes CEO's pay to $US1

08:06  10 january  2018
08:06  10 january  2018 Source:   ABC News

GoPro cuts 200-300 jobs, largely impacting its drone division

  GoPro cuts 200-300 jobs, largely impacting its drone division GoPro is in the process of laying off around 200-300 employees this week, TechCrunch has learned from sources close to the company. In a letter to impacted employees GoPro explained these cuts are part of a larger restructuring "to better align our resources with business requirements".

GoPro announces extreme cost-cutting measures, which will see it axe at least 255 jobs worldwide, cut the pay of its CEO to US $ 1 and stop manufacturing drones.

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GoPro will cut 20 per cent of its global staff, targetting a headcount of less than 1,000.© Provided by ABC News GoPro will cut 20 per cent of its global staff, targetting a headcount of less than 1,000. In a sign of troubled times ahead, camera maker GoPro has decided to cut 20 per cent of its global workforce.

GoPro is planning to re-structure through a US$80 million cost-cutting program, which will see least 255 employees lose their jobs to achieve a headcount of "fewer than 1,000 employees worldwide".

The company will also exit the drone business and stop manufacturing its Karma line of aerial drones.

On top of that, the cash compensation for the company's CEO and co-founder, Nicholas Woodman, will get slashed to just $US1 this year.

GoPro to Cut 20% of Workforce, Exit Drone Market

  GoPro to Cut 20% of Workforce, Exit Drone Market <p>GoPro is cutting more than one-fifth of its workforce and exiting the drone market as part of its latest attempt to turn itself around.</p>GoPro Inc. is cutting more than one-fifth of its workforce and exiting the drone market as part of the action-camera company’s latest attempt to turn itself around.

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This is in comparison to his $US800,000 salary and US$1.2 million target bonus in 2016.

After the market digested this news, GoPro's shares plunged to by almost 30 per cent — to an all-time low of $US5.10 in early morning trade on Monday (New York time).

By the close of trade, it moderated its losses to 12.8 per cent to achieve a closing share price of $US6.56.

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GoPro's fortunes have become so dire that it is even open to the idea of getting sold to another company.

The trigger for these extreme measures was GoPro's announcement that it expects disappointing revenue results for the last quarter.

In particular, the company forecast its revenue will fall sharply by 37 per cent to $US340 million, which is far short of Wall Street estimates (of a more lofty $US472 million).

GoPro also had to slash prices on its cameras to drive more sales, as it faced weak demand for its products during the holiday season.

Back in its hey-day (October 2014), the company's share price was around $US87, which is 17 times higher than its current value.

"At the start of the holiday quarter we saw soft demand for our HERO5 Black camera," Mr Woodman said.

In an announcement to the market, the company said it has lowered the price of its premium model, HERO6 Black, from $US499 to $US399 "to align with its good, better, best product strategy".

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