MARCH 28, 2024 — 4% OF GLOBAL WORKFORCE
Citing restructuring, according to an SEC statement, “On March 26, 2024, GoPro announced that it intends to reduce its global workforce by approximately 4% in order to reduce operating costs and drive stronger operating leverage.
JANUARY 9, 2018 — Original post…
GoPro, the company that revolutionized action sports selfies with its affordable and ruggedized high-definition camera has initiated the layoff of up to 300 employees, mostly those associated with its Karma drone division.
The drone division, which really never took off after a poorly executed launch that saw drones falling from the sky with power failures, faces even bigger problems as the use of its drone products becomes increasingly regulated, both here and abroad, to meet privacy and air-safety standards.
“Furthermore, a hostile regulatory environment in Europe and the United States will likely reduce the total addressable market in the years ahead,” the company explains. “These factors make the aerial market untenable, and GoPro will exit the market after selling its remaining Karma inventory. GoPro will continue to provide service and support to Karma customers.”
The drones are a cheap method to facilitate real estate photography, perform maintenance checks without undue personnel risks, and – unfortunately – take embarrassing or unauthorized pictures. Some counter-intelligence agencies are also worried about the weaponization of drones or their ability to interfere with aircraft.
Management, of course, used with the corporate-speak, telling employees that the layoffs were necessary “to better align our resources with business requirements.” It is no secret that GoPro’s stock is depressed and the company is struggling. Some analysts doubt that the niche company can recover its former luster given the proliferation of drone manufacturers from China. In addition, offerings from larger and well-financed camera competitors like Sony and Nikon are looming in the near future.
However, the secret sauce is the drone's stabilization system which can be plugged into a hand-unit to produce great stabilized footage with a light-weight portable unit. I would not be surprised to find that the company morphs into a complete source-kit for video production, including editing and effects software, in the near future.
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?