GoPro cuts 7 percent of workforce

GoPro
GoPro’s Hero4 wound up costing the company $21 million because of price cuts. Photo: Twenty20 user digitaltechreviewsandtips
Bad news out of the GoPro headquarters today.

The camera company announced today it is cutting its workforce 7 percent, or about 100 jobs, after less than stellar holiday sales.

During the holiday season, GoPro cut prices for the Hero4 camera, costing the company $21 million.

The company announced today that 2015 4th quarter revenues are expected to be about $435 million, which is less than anticipated.

In recent years, the company’s workforce has grown more than 50 percent.

“Over the past two years, GoPro’s headcount has grown by more than 50 percent annually, to more than 1,500 employees at the end of 2015,” read a press release. “To better align resources to key growth initiatives, GoPro has implemented a reduction in its workforce of approximately 7 percent.”

GoPro has five offices in the United States and nine internationally, including China, France and Germany.

Stocks have plummeted lately, after a decline in demand for the product. After the announcement, company shares are now trading at $11 a share, much less than its $65 high last August.

Senior Vice President of GoPro Entertainment Zander Lurie resigned today, and is leaving to become CEO of Survey Monkey, according to re/code, where he previously held a position.

It is unclear which positions will be cut.

More from GrindTV

Study says marijuana doesn’t affect your biking

Rare yellow-bellied sea snake found on San Diego beach

WingBoarding, the next big thing in adventure sports?