GoPro is coming to terms with reality. Despite its best efforts, it’s just a camera company.
The 14-year-old camera manufacturer is cutting costs by laying off more than 200 employees (about 15 percent of its workforce) and instituting a hiring freeze, the company announced Wednesday. The reductions are in an effort to restore the struggling business to profitability come 2017.
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GoPro will focus on its products: cameras and drones. “Consumer demand for GoPro is solid and we’ve sharply narrowed our focus to concentrate on our core business,” GoPro CEO Nick Woodman said in a statement. “We are headed into 2017 with a powerful global brand, our best ever products, and a clear road map for restored growth and profitability in 2017.” Read more…