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.
TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover 
