GoPro unveiled a major restructuring of its business on Monday after the embattled action camera maker unexpectedly issued a big sales warning for the all-important holiday quarter.
The company, which has been struggling with weak sales of its latest wearable camera, said it was cutting more than 254 jobs or a fifth of its workforce and exiting its drone business following a sharp drop in fourth quarter sales.
For the three months to end of December, GoPro said it now expects revenue to come in at $340m. Thats a 37 per cent drop from the $540.6m reported in the prior year period and much steeper decline than the fall to $472m the market had forecast.
Go…
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