GoPro To Cut 7% Of Workforce After Poor Holiday Sales
All is not well at GoPro.
After a year of missed expectations, the San Mateo, Calif.-based camera maker said on Wednesday that it would be cutting 7% of its staff.
The news came as part of a larger announcement in which the company said revenue in its last quarter for 2015 was “lower than anticipated,” and is expected to come in at $435 million.
Financial analysts polled by Yahoo had expected sales of about $512 million for the period.
“Fourth quarter revenue reflects lower than anticipated sales of its capture devices due to slower than expected sell through at retailers, particularly in the first half of the quarter,” the company said in a statement.
GoPro’s stock ending trading on Wednesday at $14.61 a share and is down nearly 70% in the last 12 months.
After a year of missed expectations, the San Mateo, Calif.-based camera maker said on Wednesday that it would be cutting 7% of its staff.
The news came as part of a larger announcement in which the company said revenue in its last quarter for 2015 was “lower than anticipated,” and is expected to come in at $435 million.
Financial analysts polled by Yahoo had expected sales of about $512 million for the period.
“Fourth quarter revenue reflects lower than anticipated sales of its capture devices due to slower than expected sell through at retailers, particularly in the first half of the quarter,” the company said in a statement.
GoPro’s stock ending trading on Wednesday at $14.61 a share and is down nearly 70% in the last 12 months.