GoPro to cut 7% of workforce; shares plunge 25%

14 Ιαν 2016

The action camera company said it would cut 7% of its workforce, or roughly 100 employees. (The company said it had more than 1,500 workers at the end of 2015.)

   Shares fell nearly 25% after hours. GoPro also lowered its guidance for the fourth quarter of 2015 and the full year, saying fourth-quarter sales of its cameras were weaker than expected.
   GoPro (GPRO, Tech30) has had a tumultuous run: The company's stock surged after a blockbuster IPO in 2014 but has been freefalling in recent months. Shares have plunged 19% so far this year -- and 73% in the last six months.
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