GoPro Cuts More Than 20% of Workforce, Changes Sales Strategy

GoPro said it will cut more than 200 jobs and shift its sales strategy to market its cameras directly to consumers. It will also withdraw its 2020 financial guidance in response to the COVID-19 pandemic. Bloomberg reports: The operational changes, staff reductions of more than 20% and cuts to office space will save $100 million in 2020, and reduce expenses next year to $250 million, the San Mateo, California-based company said Wednesday in a statement. GoPro said its shift to direct sales will mean a stronger focus on its website. The company said it still will use retail outlets for a small number of regions where such sales are preferred by consumers. While withdrawing its forecast, GoPro said its expects to report first-quarter revenue of $119 million and an adjusted loss in the mid-30 cents a share. The company sold 700,000 cameras in the period, and said the staff and operational changes won’t affect its 2020 product road map, which will include new devices and services.