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GoPro is not in a good place (GPRO)
GoPro has seen better days. After its stock continued its descent to an all-time low earlier in the week, the action-camera maker announced on Wednesday it plans to cut 270 jobs, its third round of layoffs in a little over a year.
As this chart from Statista shows, the slashes come after a dire year for GoPro — after a slow end to 2015, GoPro’s sales sunk enough for the group to see falling revenues and a net loss of nearly $420 million in 2016. The botched launch of its hyped-up Karma drone didn’t help.
All that said, there are signs that GoPro wants to be more focused in 2017. CEO Nick Woodman said as much earlier this year, and acknowledged on Thursday that the company “failed to make GoPro contemporary” after the rise of smartphones. What the company can do to change that, though, remains to be seen.
Business Insider/Mike Nudelman/Statista