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GoPro Inc to slash global workforce by 4%

GoPro Inc (NASDAQ: GPRO) said this week it planned to cut its global workforce by about 4% in order to ”reduce operating costs and drive stronger operating leverage.”

The restructuring of the business is expected to lead to aggregate costs of nearly $7.5 million, the company said.

”Cash expenditures will be approximately $2.0 million of the estimated aggregate costs in the first quarter of 2024 as a result of a reduction in force. The remaining expenditures primarily pertain to planned reductions of office space. The Company estimates impairment charges of approximately $3.3 million in the first quarter of 2024 related to the reduction in office space,” GoPro said in a SEC filing.

Stock Performance

The shares of GoPro Inc (GPRO) closed without change at $2.23 on Nasdaq on Thursday, after recording a 0.90% gain in the previous market session.

The company’s total market cap now stands at $334.27 million.

The shares of GoPro Inc (GPRO) went down 30.32% in 2023, compared with a 43.42% gain for the benchmark index, Nasdaq Composite (IXIC).

The company’s shares have retreated 35.73% so far this year.

Analyst stock price forecast and recommendation

According to TipRanks, at least 2 out of 3 surveyed investment analysts had rated GoPro Inc’s stock as “Hold”, while 1 – as “Sell”. The median price target on the stock stands at $2.20, which translates into a 1.35% downside compared to the closing price on Thursday.

The high point of the analyst forecast range stands at $2.40.

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