Summary by Moomoo AI
GoPro announced a restructuring plan on August 19, 2024, aimed at reducing operating expenses by approximately $50 million to $320 million ±$5 million in fiscal 2025. The plan includes a 15% reduction in workforce from the Q2 headcount of 925 full-time employees, starting in Q3 2024 and expected to be completed by year-end.The restructuring is estimated to result in aggregate charges of $5-7 million, with cash expenditures of $1 million in Q3 and $4-6 million in Q4 of 2024. GoPro anticipates incurring the majority of these charges in Q4 of the fiscal year ending December 31, 2024.The company notes that actual figures may differ from estimates due to various factors, including local law requirements. GoPro also cautions that forward-looking statements involve significant risks and uncertainties, and actual results may differ materially from projections.
