GoPro announced that it will cut 15% of its workforc.
It will eliminate its entertainment division in an effort to return to profitability next year.
TONY BATES IS PLANNING TO LEAVE AT THE END OF YEAR AFTER A LITTLE MORE THAN TWO YEARS
The layoffs, which are said to impact more than 200 employees, come just weeks after GoPro posted a significant sales decline and larger-than-expected net loss for the third quarter.
On a conference call with analysts after its most recent earnings release, GoPro execs said they plan to reduce operating expenses to ensure profitability, but stayed vague on where those cuts would come from.