GoPro, Inc. (GPRO): restructuring charge — GoPro announces restructuring plan to reduce headcount by 15%, targeting $50M expense reduction

GoPro, Inc.

Restructuring plan approved Aug 19, 2024; aims to cut 2025 operating expenses to $320M ±$5M, down from projected 2024 expenses.
Reduction in force of ~15% of 925 full-time employees (as of Q2 2024), starting Q3, substantially complete by end of 2024.
Expected aggregate restructuring charges $5M to $7M; cash expenditures ~$1M in Q3 and $4M-$6M in Q4 2024.
Charges primarily incurred in Q4 2024.

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

GoPro, Inc. announced a restructuring with charges of in the range of $5 million to $7 million (approximately 15% from our ending second quarter headcount of 925 full-time employees).

Type: restructuring
Charge: in the range of $5 million to $7 million
Headcount: approximately 15% from our ending second quarter headcount of 925 full-time employees

Exact text from the filing

On August 19, 2024, GoPro (the "Company") announced that its Board of Directors of the Company approved a restructuring plan (the “Restructuring Plan”) to help achieve that goal. The Restructuring Plan is anticipated to entail a reduction in force of approximately 15% from our ending second quarter headcount of 925 full-time employees beginning in Q3 2024 and is expected to be substantially completed by the end of 2024 (the “Reduction in Force”). The Restructuring Plan is expected to result in an estimated aggregate charge of in the range of $5 million to $7 million.

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GoPro, Inc. filing history →

Source: SEC EDGAR

accession 0001500435-24-000145

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