GoPro on Wednesday outlined a plan to shave expenses by reducing its headcount and cutting other costs, sending its shares rallying by more than 10 per cent in extended trading.
The maker of cameras made for sports like hiking and surfing said it would eliminate about 270 positions through a combination of cutting headcount and closing open positions. It will also reduce programme costs, the company said.
In all, the move is expected to reduce full-year operating expenses to below $585m.
“We’re determined that GoPro’s financial performance match the strength of our products and brand,” said chief executive Nicholas Woodman.
The company’s shares rallied 10.1 per cent in after-hours trading. They were down by 37.2 per cent over the past 12 months as of Wednesday’s close.