GoPro cuts over 250
jobs and reduces its CEO's cash pay to $1 in huge restructuring
GoPro is cutting more than 250 jobs and leaving the drone
industry in an attempt to return to profitability by the second
half of this year.
In its preliminary fourth-quarter results released Monday,
the maker of action cameras said it was reducing its global
workforce to fewer than 1,000 employees from 1,254.
The news sent its shares down by as much as 30% in early
trading. They rose from the lows through the trading session and
got an additional lift after CNBC reported the company has hired
JPMorgan to help with a possible sale.