GoPro announced Wednesday it will slash 200 full-time jobs as part of a restructuring it says will help the high-definition camera maker to return to profitability next year.
GoPro says the restructuring plan will reduce operating expenses for the year to $650 million. GoPro is expected to incur as much as $33 million in charges for the restructuring.
Along with the job cuts, GoPro will also shutter its entertainment division and cancel any open positions at the company. Shares of GoPro are up nearly 3% in early trading Wednesday.
GoPro says sales of its cameras were “solid” during the week of Black Friday, one of the biggest shopping days of the year. Camera unit sales were up 35% year-over-year at top U.S. retailers, led by the launch of its Hero 5 camera. GoPro also says sales through its website between Thanskgiving and Cyber Monday were up 33%.
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SOURCE: USA Today, Brett Molina