GoPro, the pioneer of the action camera industry, announced on Monday that it plans to cut 23% of its staff in an effort to slash operating costs and return to profitability. The layoffs will affect 145 employees, accounting for nearly a quarter of the company's 631-person workforce.
According to an 8-K filing with the U.S. Securities and Exchange Commission (SEC), GoPro expects to incur up to $15 million in severance and related benefit costs. The company plans to complete the majority of the layoffs by the second quarter of 2026, with the process largely finalized by the end of this year.
Intense Competition Weighs on Performance
GoPro had previously aimed to achieve profitability by the end of fiscal year 2025, but its latest annual report revealed the company has fallen into the red. In recent years, GoPro’s market share has been severely squeezed as competitors like DJI and Insta360 have launched aggressive campaigns in the action and 360-degree camera sectors.
This is not the first time GoPro has attempted to navigate its challenges by downsizing. The company has already undergone two rounds of layoffs in 2024 alone. These frequent organizational restructurings highlight the difficulties management faces amidst fierce market competition.
To turn the tide, GoPro is betting on its next generation of products. The company has pledged to unveil new cameras powered by the all-new GP3 processor at this month's NAB trade show. Company executives stated that these new products will place a greater emphasis than ever on professional-grade performance, aiming to attract high-end users and regain its competitive edge in the market.